Cubs finally have deal

A group led by investment banker Tom Ricketts is buying the team from Tribune Co./Sam Zell for around $900 million - 50 percent of which is cash and the rest financed. The heavy cash component appears to have been a big factor in choosing Ricketts (the other two bids involved more debt). A committee overseeing Tribune's bankruptcy proceedings signed off on the deal, though Ricketts still needs the approval of Major League Baseball. (WSJ, Chicago Sun-Times)