MLB Owners Unanimously Approve Sale of Cubs to Ricketts Family

According to multiple reports on Tuesday afternoon, Major League Baseball approved the sale of the Chicago National League Ball Club, Inc. to the Ricketts Family via a conference call on Tuesday morning. All 29 owners approved the sale of the team to the group led by Tom Ricketts.

“A bankruptcy court still has to give final approval to the deal. And then a final financial closing must take place.”

According to the report from ESPN Chicago, the Ricketts Family could take day-to-day control by the end of the month. Dave Kaplan reported during Sports Central Tuesday night that he is hearing October 29 or October 30.

The Ricketts Family will pay $845 million for ninety-five percent of the Chicago Cubs, Wrigley Field and “approximately” twenty-five percent of Comcast SportsNet.

According to a report from Dave Kaplan, “the next step will be for the franchise to go through a pre-packaged bankruptcy which will take place next Monday or Tuesday for a period of 24 hours. When that step is finalized the banks who are financing the deal will have a ten day cooling off period before they have to fund the transaction.

Dave Kaplan reported the Cubs will have financially flexibility to add one bat, from what he is hearing once the Ricketts Family takes over … it will not be not a large money, long-term deal. Kaplan reiterated Milton Bradley will be traded and he does not see Mike Fontenot back with the Cubs in 2010.

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