Ricketts family approved as new Cubs owners

Sporting News staff reports The Ricketts family's purchase of the Chicago Cubs was unanimously approved today by MLB owners, the Chicago Tribune reports on its Website. The vote took place via a conference call with Commissioner Bud Selig. The sale is expected to close at the end of this month. The franchise still has to go through a 24-hour "pre-packaged bankruptcy," which the Tribune reports will take place next Monday or Tuesday. When that step is finalized, the banks financing the deal will have a "10 day cooling off period" before they have to fund the deal.