The family closed a transaction Tuesday morning to take control of the team, Wrigley Field and other assets in a deal valued at $845 million.
The closing on the deal completes a more than two year effort that started when Tribune Company put the team, stadium and broadcast interest up for bid. Family members Pete, Tom, Laura and Todd Ricketts will now assume control of the team, forming a board of directors. Tribune Company will retain a 5 percent interest in the enterprise and also have a seat on the board.
Tom Ricketts, 44, will serve as board chairman.
"My family and I are thrilled that this day has finally come ... Now we will go to work building the championship tradition that all Cubs fans so richly deserve," Ricketts said.