Tribune declared bankruptcy in December and is now trying to sell the Cubs to the billionaire Ricketts family. The Cubs' bankruptcy filing is intended to make sure that the club's new owners are not liable for claims from creditors of Tribune.
It is the first time that a Major League Baseball club has declared bankruptcy since the Baltimore Orioles in 1993.
Tribune is to sell 95% of it, together with a 25% stake in sports television network Comcast SportsNet Chicago for $823m to the family of Joe Ricketts, founder of the online brokerage TD Ameritrade. The sale was approved last week by the owners of the other 29 Major League Baseball clubs and is expected to be completed by the end of October.
Tribune, which will keep the remaining 5%, has owned the Cubs since 1981, when it bought the franchise for $20.5m from the confectioner Wrigley's, the name of which is still carried by the team's stadium, Wrigley Field.
The Cubs are notorious for not having won baseball's championship, the World Series, for 101 years, making it the longest title drought in US sport.
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