Ricketts issued an apology Tuesday night.
"Earlier this evening, during some lighthearted banter on the MLB Network, I used a term that was offensive to some of our fans and Italian Americans," Ricketts said in the statement. "Of course, I was wrong and I apologize. I hope all will be forgiven as we value the contributions of Italian Americans to America's pastime and the Chicago Cubs."
Carrie Muskat is a reporter for MLB.com. She writes a blog, Muskat Ramblings, and you can follow her on Twitter @CarrieMuskat. This story was not subject to the approval of Major League Baseball or its clubs.