Tribune Co. agreed on the Ricketts family bid for the Chicago Cubs baseball team, according to reports.
Selected among several bidders, the Rickett's family bid is worth about $900 million and will include Wrigley Field and a 25 percent interest in a regional sports network, Dennis Culloton a spokesman for Tom Rickets told the Associated Press.
My family and I are Cubs fans, Tom Ricketts said in a statement on Thursday night, according to the Cub's website. We share the goal of Cubs fans everywhere to win a World Series and build the consistent championship tradition that the fans deserve.
The move requires the approval of a committee supervising Tribune's bankruptcy.
Tom Ricketts is president of financial firm Incapital LLC. He is also son of the founder of TD Ameritrade Joseph Ricketts.
The Cubs franchise once was valued at roughly $1 billion, according to Marketwatch however recent economic woes have had a big impact.
Its owner, Tribune Co, which also owns the Chicago Tribune and Los Angeles Times newspapers, filed for bankruptcy last month after big declines in advertising income.