Bankruptcy

Chicago Cubs Consider Bankruptcy

By meaghano

This report just came across, via the Chicago Tribune: The Chicago Cubs are considering filing bankruptcy.

The Cubs are currently in the process of being sold by their owner, the Tribune Company, who filed for bankruptcy earlier this year. If the Cubs do file, they will be the first baseball team in forty years to do so.

Although still in negotiations, the Tribune is looking to sell the Cubs and Wrigley Field for around $900 million. This cash will go towards the Tribune’s own debt. The leading contender to take ownership of the Cubs is an investment group headed by Chicago-native Joe Ricketts, although there are rumors of another group making a late push.

By all accounts, jokes about the Cubs offense being bankrupt since April are fair game.

Full post as published by The Bankruptcy Blog on July 13, 2009 (boomark / email).