Has the Tribune finalized sale of Cubs?

It would appear so.

After opening up the bidding again just a few weeks ago, the Tribune Co. has a “written agreement” with the Ricketts family (namely, Tom Ricketts) to sell the Cubs for a little less than $900 million. Ricketts was the original buyer of the team, however, after negotiations stalled the Tribune allowed other buyers to make offers.

From the Tribune:

After more than five months of negotiations, Tribune Co. has a written agreement to sell the baseball team and other assets to the Ricketts family for about $900 million.  The two sides reached a deal over the weekend and forwarded an outline of their transaction — what is known as a term sheet — to Major League Baseball for its initial comments, according to sources who declined to be identified  because an agreement has not been announced.

The two sides still have details to work out that will be included in a definitive agreement, sources said. The term sheet sent to MLB includes information on the deal’s capital structure and how the Ricketts family will finance the transaction, sources said.

A Tribune spokesman said, “We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement.  We don’t intend to comment on the specifics of any potential transaction.”

A spokesman for the Ricketts family did not immediately return a phone call for comment. The family’s pursuit of the Cubs has been led by Tom Ricketts, an investment banker who resides in Wilmette.

The agreement marks a milestone in protracted talks between Tribune Co., parent of the Chicago Tribune, and the Ricketts family. The family emerged in January as the winning bidder in an auction Tribune Co. organized nearly two years ago to sell the Cubs, Wrigley Field and its 25 percent stake in Comcast SportsNet Chicago, a regional cable sports network.

The deal couldn’t have come sooner for the Cubs. Once all the “i”s are dotted and “t”s crossed, I assume Jim Hendry will get the go ahead from Ricketts to make some moves. His hands have been tied as the sale remained in limbo and it forced him to trade Mark DeRosa and Jason Marquis to make room for Milton Bradley. Maybe now the Cubs will find an answer at second base as well as a real closer.