Chicago investment banker Tom Ricketts is a step closer to owning the Chicago Cubs.

CNBC has confirmed that Ricketts, whose father Joe founded TD Ameritrade, signed the papers yesterday with the Tribune Co. that would make him the owner of the team, Wrigley Field and a stake in the regional sports network should the sale clear all hurdles.

Because the Tribune is in bankruptcy, the deal now has to be approved by the creditors and the bankruptcy court before being approved by Major League Baseball's owners. Reuters, who first reported the story, said the deal is worth slightly less than the original $900 million bid.

Negotiations were heated over the past couple weeks as the Tribune brought back another bidder, Mark Utay, into the fold after an exclusive negotiation period with Ricketts.

Sources tell CNBC that the chances of Utay actually becoming the top bidder was unlikely, but was done so that Ricketts would increase what he was willing to pay to close out the deal.

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