Judge Approves Sale of Chicago Cubs

(CN) – A federal bankruptcy judge in Delaware has approved the sale of the Chicago Cubs. The judge authorized the Tribune Company’s $845 million sale of the team of lovable losers to the family of billionaire Joe Ricketts, founder of TD Ameritrade.

     The sale includes a 95 percent stake in the team and ownership of Wrigley Field.
     The sale also needs to be approved by Major League Baseball.
     Tribune’s bankruptcy plan calls for a separate bankruptcy filing by the Chicago National League Ball Club, which is an affiliate not involved in Tribune’s Chapter 11 case. That bankruptcy is expected to last just a couple of days, but is needed to make sure all liens and contracts are clear.

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