THIS IS BREAKING NEWS...
The sale of the Chicago Cubs from the Tribune Co. to the Ricketts family, which also includes Wrigley Field, and a 25 percent stake in Comcast SportsNet Chicago, inched closer to reality as a Delaware bankruptcy court has given its blessing to the proposed sale transaction. The filing by the Cubs, and the court's approval prevents the Cubs transaction becoming part of the Tribune Co.'s separate Chapter 11 bankruptcy protection case.
The deal could be closed in as little as two weeks, according to Don Liebentritt, Tribune's general counsel.
The deal, in total, represents $845 million. However, with Tribune retaining a 5 percent ownership stake for tax avoidance purposes the final amount coming Tribune’s way will be $740 million.
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