On Monday, the team filed for Chapter 11 bankruptcy protection, which will allow it to be sold in an $845 million deal, according to ESPN.com. The deal tops the record $660 million sale of the Boston Red Sox in 2002.
The Tribune Co. plans to sell the Cubs, Wrigley Field and other properties to billionaire Joe Ricketts, the founder of TD Ameritrade.
Tribune owns the Chicago Tribune and the Los Angeles Times and filed for bankruptcy in December. It bought the Cubs in 1981 for $20.5 million and aimed to sell the franchise in 2007 but was unable to do so because of the recession. Tribune will sell 95 percent of its stake in the Cubs and will retain 5 percent.
The sale is still pending approval from three-quarters of Major League Baseball's 30 teams.
