Tribune Co. sells Cubs, Wrigley

Ricketts family will hold 95% stake in properties

NEW YORK -- The billionaire Ricketts family has signed a definitive agreement with Tribune to acquire a 95% stake in the Chicago Cubs, Wrigley Field and Tribune’s approximately 25% interest in Comcast SportsNet in a deal valued at $845 million, the parties said late Friday.

The Ricketts family will have management control of the joint venture, and Tribune will retain a small ownership interest.

"The Cubs have the greatest fans in the world, and we count our family among them. We look forward to closing the transaction so that we can begin leading the Cubs to a World Series title," said Joe Ricketts.

The deal agreement comes after a process that began more than two years ago.