Breaking News: The Sale to the Ricketts family was approved by the MLB. The 29 owners in the MLB were unanimous in voting for Tom Ricketts to be the new owner.
"The next step will be for the franchise to go through a pre-packaged bankruptcy which will take place next Monday or Tuesday for a period of 24 hours. When that step is finalized the banks who are financing the deal will have a 10 day cooling off period before they have to fund the transaction." Thanks to David Kaplan for this.
He also mentions that Tom Rickett could get full control of the Cubs by October 29th or the 30th.
I will keep you posted.