Tribune gets OK for Cubs sale

Federal Bankruptcy Judge Kevin Carey cleared the way Thursday for the Tribune Co. to sell the Chicago Cubs and the storied Wrigley Field to the family of billionaire and longtime fan Joe Ricketts. He authorized Tribune to sell the family a 95 percent stake in the team, the stadium and related sports properties for $845 million. The deal also needs approval from three-quarters of Major League Baseball's 30 team owners. The owners have not scheduled a vote on the Cubs sale, although one could come as soon as their meeting in November. The Tribune plan calls for a separate bankruptcy filing by Chicago National League Ball Club, an affiliate not involved in Tribune's current Chapter 11 case. The Cubs bankruptcy proceedings should last only a few days but is needed to ensure that sale is free of all liens and claims and that existing contracts can be transferred to the new owner. Chicago-based Tribune, which owns the Chicago Tribune, Los Angeles Times, other newspapers and TV properties, bought the Cubs in 1981 from candy maker Wm. Wrigley Jr. Co. for $20.5 million.