Negotiations have taken over 5 months, but now there's an agreement reduced to writing that has the Tribune Company selling the Cubs, and a bit more, to the Ricketts family for perhaps just a bit less than $900,000,000.00- the exact price has not been disclosed as of this writing.  The "term sheet", which is basically a digest covering each important part of the deal, including what financing the Ricketts have arranged, has been forwarded to MLB.  At least 75% of the 30 MLB owners must approve the sale.  Further, since the Tribune Company is in Chapter 11 bankruptcy, their creditors have the right to review and possibly make objections to the deal.

While the Ricketts won the bidding in an auction back in January this year, talks stalled in May over valuation of broadcast rights.  A negotiation tactic employed by the Tribune in June was to encourage a group headed up by Marc Utay, losers in the January auction, to make another offer.  That move may be the reason why the Ricketts acted to buy the team, the ballpark, and a 25% share in Comcast SportsNet Chicago.