The Ricketts family have finally agreed terms to buy the Chicago Cubs Major League Baseball franchise from the Tribune Company, which has owned the team for nearly 30 years.

The deal sees the family take a 95 per cent stake in the franchise and its  Wrigley Field ballpark - Tribune will retain a five per cent stake - as well as a 25 per cent stake in Comcast SportsNet Chicago for a total of US$845 million. Tribune paid US$20 million for the team in 1981.

"Our family is thrilled to have reached an agreement to acquire a controlling interest in the Chicago Cubs, one of the most storied franchises in sports," Joe Ricketts said. "The Cubs have the greatest fans in the world and we count our family among them. We look forward to closing the transaction so that we can begin leading the Cubs to a World Series title."

Should that plan come to fruition, it would be the team's first World Series win in more than a century.

Tribune chairman Sam Zell said: "This joint venture will provide dedicated, local family ownership and management for the team. The Ricketts family will be a great steward for the franchise. They have a strong respect for the team, for the fans, and for what the Cubs mean to the city of Chicago."