Sale of the Chicago Cubs (Not) Finalized (Update)

UPDATE: A second group has submitted a bid for the Chicago Cubs to the Tribune company.

In a surprising turn of events, private equity investor Marc Utay has submitted a bid to the Tribune Company for the Cubs, Wrigley Field, and a 25% share in Comcast SportsNet.  According to Rueters:

"One of the sources reporting the Utay group's deal said the new offer is "a higher price but less cash upfront" than the Ricketts bid."

More on this story is sure to come.

Original Report:

After a long, arduous battle, The Ricketts Family appears ready and able to buy the Chicago Cubs from the Tribune Co.

According to Reuters,

"The Ricketts family has reached a deal to buy the storied Chicago Cubs baseball team from bankrupt media company Tribune Co (TRBCQ.PK) for slightly less than the original $900 million bid, a source familiar with the deal said on Monday."

While the move still has to go through Major League Baseball and the Commissioner’s Office, and the other MLB Owners. The measure must pass through 75% of the owners in order to become complete. It is expected that the deal with be official in about a month.