The family's financing package was already submitted to Major League Baseball, which will now review the final agreement. After Major League Baseball gives the deal the okay, then 75% of the league's 30 owners have to approve the deal. Finally, a bankruptcy court must give the deal its blessing -- then the Ricketts can finally own the Cubs. The deal could close in August, but it could also fall apart before then -- much like the Cubs themselves in August. There is the chance for a later time frame on the deal, as long as the creditors gain enough support before the offer is officially submitted.

Tribune would still retain a stake in the Cubs of as much as 5%, which will help minimize its tax bill on the deal. I am a bit surprised that this deal is going through, as one would think that the economy would put a bit of a damper on such purchases. That said, this is the Chicago Cubs -- the official team of every fraternity in America. The Ricketts could make enough money off of beer sales in a couple of weekends to make up for how much they are paying for the team (that is very tongue in cheek, folks).

Let's compare the Cubs to another team that is currently for sale, the Texas Rangers. The Rangers don't have the TV deal the Cubs have, and they don't have the notoriety of the Cubbies. Therefore, it is believed that the Rangers will bring in roughly $550 million. The Rangers should see bids come in by mid-August, but Hicks may not make it that long. In April, creditors declared Hicks Sports Group in default on $525 million in loans.

This is a tough time to sell a sports franchise. I'm guessing that it was the perfect time for the Ricketts to make a bit of money on a team that has become the lovable losers of America. Will this purchase impact payroll? That is yet to be seen, as I have no idea how much money the Ricketts intend to spend on their new toy.