Tribune unloads the Cubs

The Tribune Co. - owner of the Los Angeles Times, Chicago Tribune and other papers - has made a deal to sell the Chicago Cubs and Wrigley Field to the Ricketts family. The proceeds will help pay down debts owed by Tribune Co., which filed for Chapter 11 bankruptcy last December.

From the press release:

The Ricketts family has signed a definitive agreement with Tribune Company to acquire a 95 percent interest in the Chicago Cubs National League Baseball Club, Wrigley Field and Tribune’s approximately 25 percent interest in Comcast SportsNet (CSN) in a transaction valued at $845 million. The Ricketts family will have management control of the joint venture as its 95 percent owner. Tribune will retain a five-percent ownership interest.

The deal must still be approved by a bankruptcy judge.