The family will pay tribune company $845 million for the Cubs, Wrigley field and a 25 percent interest in Comcast Sportsnet Chicago.
Mayor Daley, a lifelong White Sox fan, praised the Ricketts Saturday.
"They're a great family, great business people. They look at this as an investment, and [it is] also important to the city of Chicago. We're fortunate to have two great ball teams, the Cubs and the White Sox," he said.
Daley said the 95-year-old Wrigley Field needs updating but must retain what he called its historical aspect.