CHICAGO— The Chicago Cubs won city council approval Wednesday for a privately funded $500 million, five-year makeover of the 99-year-old landmark Wrigley Field that includes plans for an adjacent hotel and plaza.

The Ricketts family, who bought the team in 2009, had initially sought public subsidies for a $300 million renovation. That proposal relied on bond financing through the Illinois Sports Facilities Authority and diversion of some city amusement taxes to help with repayment.

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