Tribune Co. has reached a deal to sell the Chicago Cubs and Wrigley Field to the Ricketts family, according to ESPN Chicago.

The two sides reached a sale agreement over the weekend and have forwarded the contract to Major League Baseball, according to the report.

The deal must be approved by other baseball owners. With Tribune Co. operating under Chapter 11 bankruptcy, the sale also will need court approval.

So starts the Ricketts era for our Cubbies. But what exactly does this mean?

Well, in the short term, probably nothing.

When the Tribune first purchased the Cubs in 1981, it took two and a half months to finish the deal. While ownership approval will likely be a formality, the whole bankruptcy thing could slow things down just a bit.

And, after dropping $900 million worth of serious coin on the team (yes, I realize he has other investors), don’t expect the Cubs to be major buyers at the trade deadline even in the unlikely event that the sale is completed by then.

The Cubs have been a major success both on and off the field in recent years. Well, except for the playoffs.

But with the team drawing huge crowds every day, and the Cubs saddled with a $140 million payroll, it is very unlikely that Ricketts will give Jim Hendry a blank check to operate with.

So the real questions start with the upcoming offseason. With the ownership settled, the first issue will be whether the Hendry/Piniella team will continue its run.

On the one hand, Hendry’s teams have won two division titles (and hopefully three by then). On the other hand, he has left the team handcuffed with long-term salaries that allow for little flexibility.

With Ricketts a long-time fan who apparently got engaged at Wrigley Field, the romance of Ryne Sandberg as manager must be compelling theatre.

And who knows which advisers will be in his ear telling him what to do?

Even Mark Cuban, who many Cubs fans strongly desired to be the team’s next owner, said in his blog that he wouldn’t spend outrageously if he owned the Cubbies.

Look, Tom Ricketts may be a Cubs fan, but he is a businessman, first and foremost. And the TD Ameritrade founder didn’t get to where he is by making foolish business decisions.

Sure, we’d all love to have this sale completed immediately, leaving Hendry with unlimited funds to correct the mistakes of a regrettable offseason.

But really, how many more major moves do the Cubs need to entrust Hendry with at this point? If a top-three payroll isn’t enough to win the division, why believe that adding to that payroll would put us over the top?

The truth is, regardless of who generally manages this team, it will largely be the same next year, unless the Cubs find a taker for the likes of Soriano and/or Bradley, similar to how Hendry was able to unload Todd Hundley years ago.

But that may not be so bad after all.

True, there are a lot of “ifs” in the following statement, but if Randy Wells is the real deal, and if they can find someone (anyone) to fill in capably at the leadoff spot instead of Soriano, and if Harden (or his replacement) becomes a pitching stud, and if the bullpen gets fixed, and if…

Hey, we’re getting ahead of ourselves here. More to come. Meanwhile, it is good to know that we have an owner now.

The impact of the Ricketts family ownership is a book whose first chapter has yet to be written. Meanwhile, let’s hope the Cubs return to “owning” the division, come to think of it.