On Thursday, permission by court to take over the Chicago Cubs baseball team was awarded to the Ricketts family, for $845 million from the Tribune Co, a media conglomerate that is thriving to come out from bankruptcy.

The Cubs, Wrigley Field and its stake in a sports television network are to be transferred by Tribune to a new company. A sum of $845 million would be contributed by the Ricketts family to the new company for acquiring a 95 percent control. Ricketts family made its fortune from the TD Ameritrade Holding Corp business.

The Cubs are supposed to book for bankruptcy on 12th October as part for the transaction, in order to get rid of claims by creditors of Tribune. Bryan Krakauer, an attorney for law firm Sidley Austin, which is representing the Tribune said, "All that is left is for the owners to officially vote on the transaction. We've been informed it could happen as soon as October 5. We have every reason to believe it will be approved."

The deal has been created to be identified as "a disregarded transaction for tax purposes, potentially allowing the Tribune to avoid paying tax on the gain in value of the team." It was in 1981 that the Tribune, which also owns the Chicago Tribune and Los Angeles Times newspapers, bought the Cubs for $20.5 million. "After certain adjustments, Tribune expects to end up with $740 million and a 5 percent stake in the new company that will own the Cubs.

That money will go toward paying off Tribune's debt, which was estimated at nearly $13 billion when it filed for bankruptcy last year," said a source. Since the time when real estate magnate Sam Zell bought Tribune in 2007 in a leveraged buyout, the company had been making efforts to sell the team.