The deal is expected to be finalized by the end of the month, at which time the Ricketts family will assume day-to-day control of the club.
"We're extremely pleased that the sales process is drawing to a close, and we are confident that the Ricketts family will be great owners and custodians of the Chicago Cubs," MLB Commissioner Allan H. (Bud) Selig said in a statement. "All of us at Major League Baseball are grateful to the Tribune Company for their years of stewardship of this proud and historic franchise."
The club still needs to go through another bankruptcy proceeding early next week for a period of 24 hours, according to The Chicago Tribune. When that step is finalized, the banks who are financing the deal will have a 10-day period before having to fund the transaction.
Alden Gonzalez is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.