Ricketts family, Tribune agree on purchase of Chicago Cubs: report

Both sides reached an agreement over the weekend and forwarded the contract to the Major League Baseball for initial comments, according to the paper which cited anonymous sources.

The deal needs to be approved by other baseball owners and approval from the court since Tribune co is currently operating under Chapter 11 bankruptcy.

"We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement. We don't intend to comment on the specifics of any potential transaction," spokesman for the Tribune said, according to the paper.

The sources said the final buyout is for "slightly less" than the $900 million the Ricketts Family offered in January when the family was the winning bidder in an auction to sell the Cubs, the Wrigley Field and its 25 percent stake in the network Comcast Sports Net Chicago.

The reduction in the price could be due to lack of agreement in May regarding the Cub's broadcast rights, between the two sides, the paper said. The issue may have slashed about $50 million from the initial offering.