Around $845 million in loans to fund the sale is in escrow (deposited with a neutral third agent) awaiting the approval of US Bankruptcy Judge Kevin Carey.
The Ricketts family's deal for the Cubs — which involves a record price for a major league team — has been approved by the other baseball owners.
“The transaction is ready to close, save for the approval of this court,” said Cubs lawyer Bryan Krakauer.
The deal promises to bring the creditors of current owner Tribune $740 million, according to court records. Tribune is the nation's second-largest newspaper publisher in the US and will keep a 5 per cent stake as part of the agreement.
