Cubs sale finalized

Tribune Co. has finalized a deal to sell the Chicago Cubs to a bidding group led by bond salesman Thomas Ricketts. The deal needs to be approved by 75% of Major League Baseball team owners as well as creditors and the Delaware judge overseeing Tribune's Chapter 11 bankruptcy case. The value of the deal is between $850 million and $900 million. About $450 million of the deal will be financed with debt. The balance will be paid in cash by the family, which founded the company now known as TD Ameritrade. Tribune has insisted in the past that much of the offer be financed with debt to limit the media company's exposure to capital gains taxes. The Chicago-based media company will maintain a 5% stake in the Cubs after the deal, which also includes selling Wrigley Field and a 25% stake in regional cable channel Comcast SportsNet.