Before you get all excited, read this part of this link:
The family will not gain control of the team until after the baseball season ends, probably sometime in October, because there are still a few conditions of closing. Tribune Co. has been in Chapter 11 bankruptcy since December, and a major disposition of assets requires the court's blessing.
As part of the court's approval process, Tribune Co. said it will place the Cubs in Chapter 11 bankruptcy so that the franchise can "emerge free and clear" of the company's financial obligations.
The company said that the Cubs bankruptcy will not interrupt team operations, and player contracts and other agreements with ticket holders, sponsors and supplies are not expected to be affected.
Court approval is expected because Tribune Co. has run a robust sales process that has kept creditors informed throughout, sources said.
Nevertheless, this is an important day in club history -- the team now owned by a professed Cubs fan who will, we hope, devote the resources necessary to bring a World Series to the North Side. We'll just have to wait till after the season ends to see changes begin.