The company plans to sell the Cubs to the family of billionaire Joe Ricketts, the founder of TD Ameritrade. Tribune Co. also plans to sell Wrigley Field and related properties of the club to the Ricketts family. The Cubs filed for Chapter 11 to protect the club’s new owner from any creditors of the Tribune Co. Tribune Co. filed for bankruptcy protection in December of 2008 but did not include the Cubs at the time.

The Tribune Co. will sell 95 percent of the Cubs to the Ricketts family while keeping the remaining five percent of the franchise, which was purchased from the Wm. Wrigley Jr. Co. in 1981 for $20.5 million. The Wrigley Co. is a candy maker. The first plans announced for the sale of the Cubs came in 2007 but the recession and the crumbling credit markets put the sale on the back burner. The deal with the Ricketts family will top the record deal of $660 million for the sale of the Boston Red Sox in 2002.