MLB approved the transfer of Cubs

Major League Baseball unanimously approved the transfer of the Cubs to the Ricketts family after a conference-call vote with the 29 other clubs on Tuesday. The deal is expected to be finalized by the end of the month. "We're extremely pleased that the sales process is drawing to a close, and we are confident that the Ricketts family will be great owners and custodians of the Chicago Cubs," MLB Commissioner Allan H. (Bud) Selig said in a statement. "All of us at Major League Baseball are grateful to the Tribune Company for their years of stewardship of this proud and historic franchise."

According to The Chicago Tribune, the club still needs to go through another bankruptcy proceeding next week. When that step is finalized, the banks will have a 10-day period before having to fund the transaction.