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The Tribune Co. will retain a 5 percent minority ownership equity for tax avoidance purposes.
"My family and I are thrilled that this day has finally come and we thank Commissioner Bud Selig and Major League Baseball owners for approving our ownership," said Thomas Ricketts in a statement. "Now we will go to work building the championship tradition that all Cubs fans so richly deserve.
"It's fitting that this closing takes place during World Series week. Out of respect for the Fall Classic, and at the league's request, we will wait to introduce ourselves to the media and fans until this Friday, a travel day in the series between the Phillies and the Yankees."
The Cubs will hold a press conference on Friday to make the announcement formal.