Chicago Cubs reported to explore bankruptcy filing
Published: July 13, 2009
CHICAGO — The corporate owner of the Chicago Cubs is considering having the team file for bankruptcy protection. People knowledgeable about the process say the move would hasten the club’s long-awaited sale by cleaning up its books.
Tribune Co., which itself filed for bankruptcy protection in December, intends for the Cubs’ own stay in Chapter 11 to last just a day or two.
Two people familiar with the process described it to The Associated Press on condition of anonymity Monday because the bankruptcy plans are not yet public.
The move is not imminent and does not signify that the team cannot pay its bills, one of the people said.
The family of TD Ameritrade founder Joe Ricketts remains the front-runner to buy the team, but there is no final agreement.
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Reader Reactions
There is going to be a “fire sale” of talent, if the Nationals are ready to move!
The NL Central will be OWNED by the Cardinals for a few years, unless Houston gets good again!
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