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"The Ricketts family is pleased that they've made another significant step toward taking majority control of the Cubs," a family spokesman said in a statement. "They look forward to getting to work on leading the team to a championship. "
As part of the process to facilitate the sale, the Cubs filed for bankruptcy protection in Delaware Monday in a move solely designed to protect the Ricketts so creditors in Tribune Co.'s own bankruptcy case would have no claim against the sold company.
Under terms of the deal, the Cubs, Wrigley Field and 25 percent of Comcast SportsNet Chicago will be placed in a limited partnership owned 95 percent by the Rickettses. Tribune Co. will retain 5 percent in the complex structure intended to reduce the sizable tax bill that would otherwise accompany an outright sale.
The Ricketts family will contribute $823 million to the partnership. Tribune Co., which owns the Chicago Tribune, will receive about $740 million after taxes and other adjustments.
"We are pleased with the court's ruling today," a Tribune spokesman said. "We expect to conclude the Cubs transaction before the end of the month and will make an announcement when closing is complete."
Major League Baseball already has signed off on the deal.
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