Chicago Cubs File for Ch. 11 to Speed Team's Sale

By: Associated Press Email
By: Associated Press Email

WILMINGTON, Del. (AP) - The Chicago Cubs baseball team is seeking Chapter 11 protection, a step that will allow its corporate parent to hand the team to new owners.

The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.

Tribune, which also owns the Chicago Tribune and the Los Angeles
Times, filed for bankruptcy protection in December, but the Cubs were not included in the filing. The team's brief stay in Chapter 11 is expected to protect the team's new owners from potential claims from Tribune creditors.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 64006317 - kolotv.com/a?a=64006317