Chicago Cubs get needed bankruptcy court OK
Judge says team can go to family of billionaire Ricketts in $845 million deal
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WILMINGTON, Del. - The sale of the Chicago Cubs moved closer Tuesday as a bankruptcy judge said the team can go to the family of billionaire Joe Ricketts in a $845 million deal.
The judge had already cleared Tribune Co. to sell the team and Wrigley Field. But he gave his approval again Tuesday because the Cubs filed separately for Chapter 11 protection on Monday. That step was taken to ensure that the team can’t be hit with claims by Tribune creditors.
The Ricketts family’s deal for the Cubs should close in a couple of weeks, according to Don Liebentritt, Tribune’s general counsel.
The deal — which involves a record price for a major league team — has also been approved by the other baseball owners.
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