Tribune Co., the bankrupt newspaper publisher, won court permission to sell the Chicago Cubs, according to Bloomberg on Thursday.
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The move paves the way for the baseball team to file bankruptcy to make the transaction final.
Under the sale process approved last month by U.S. Bankruptcy Judge Kevin Carey in Wilmington, Delaware, Tribune would transfer the Cubs to the family of TD Ameritrade Holding Corp. founder Joe Ricketts. The transaction would bring about $740 million to the company’s creditors.
Carey approved the deal Thursday to transfer the Cubs to the Ricketts family. Before the sale wins final court approval and can close, the main holding company for the Cubs, Chicago National League Ball Club LLC, must file bankruptcy in order to shield the buyer from future lawsuits.
Tribune filed for bankruptcy court protection in December, about a year after billionaire real estate developer Sam Zell led the $8.3 billion purchase of the publishing and television company. Tribune owns the Los Angeles Times and the namesake Chicago newspaper among other properties.
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