Originally posted on The Sports Bank  |  Last updated 10/21/11

Here’s what we’ve known for days and what seems like weeks. Finally both the Boston Red Sox and Chicago Cubs made the announcement:

effective immediately, Theo Epstein has resigned from the Red Sox in order to become the new President of Baseball Operations for the Cubs. The Clubs also have reached an agreement regarding how compensation will be determined for the Red Sox. That issue should be resolved near term.

Both the Red Sox and the Cubs will hold press events on Tuesday, October 25 in which the Cubs introduce Mr. Epstein, and the Red Sox announce his General Manager successor.

Out of respect for the World Serie (or at least that’s the excuse they’re giving us), both clubs will refrain from commenting until Tuesday, the next scheduled non-game day.

Paul M. Banks is CEO of The Sports Bank.net, an official Google News site that generates millions of unique visitors. He’s also a regular contributor to Chicago Now, Walter Football.com, Yardbarker, and Fox Sports

He’s appeared on live radio all across the world from Houston to New Zealand. The President of the United States follows him on Twitter (@Paul_M_BanksTSB) You should too

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