Jul 07, 2009 8:38 AM EST

The Tribune Co. has reached an agreement to sell the Cubs, Wrigley Field and other assets to the family of Joe Ricketts for about $900 million.

The agreement was reached over the weekend and a term sheet?was sent to Major League Baseball for review, according to a source.

"We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement," Tribune Co. spokesman Gary Weitman said in an e-mail. "We don't intend to comment on the specifics of any potential transaction."

Via Yahoo! Sports