According to this, the deal will close by Opening Day and Moorad will become the CEO, with John Moores stepping up to chairman. The sale will be finished by Opening Day (where have we heard that before?), and full control will transfer to Moorad over the next five years. Also, Sandy Alderson will leave as CEO when Moorad takes over.
The most interesting thing to Cubs fans might be this:
Asked if the player payroll might increase this season, Moorad said: "Our commitment is going to be pretty straightforward—to the extent that we feel the community is supporting the club, we’re going to invest every last dollar back into the product, whether it be the team on the field or whether it be the facility itself."
That's actually pretty vague, but I suspect it means that Jake Peavy is staying where he is.