It's Official: Theo Epstein Is Cubs President Of Baseball Operations

General Manager Theo Epstein of the Boston Red Sox watches batting practice before a game against the Baltimore Orioles at Camden Yards in Baltimore, Maryland. (Photo by Greg Fiume/Getty Images)

A press release was just issued by both the Red Sox and Cubs. Our nine-day odyssey is over. Welcome, Theo Epstein. Here is the complete text of the release:

The Boston Red Sox and the Chicago Cubs jointly announce this evening that, effective immediately, Theo Epstein has resigned from the Red Sox in order to become the new President of Baseball Operations for the Cubs. The Clubs also have reached an agreement regarding a process by which appropriate compensation will be determined for the Red Sox and that issue will be resolved in the near term.

Both the Red Sox and the Cubs intend to hold press events on Tuesday, October 25 during which the Cubs intend to announce Mr. Epstein, and the Red Sox intend to announce his successor as General Manager.

Out of respect for the World Series, both clubs have agreed to forego further comment until Tuesday, the next scheduled non-game day. Further information on each club's media availability for Tuesday will be distributed on Monday.

This is, of course, outstanding news and I assume that Theo (and Jed Hoyer, who is expected to join the Cubs as Theo's second-in-command with the title of general manager) will be ready to get right to work improving the Cubs baseball organization.

As I always say: Discuss amongst yourselves. No word on whether he'll stop at Starbucks before the news conference.

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