Cubs File For Bankruptcy To Enable Sale
October 12, 2009 at 1:00 PM (PT)
The CHICAGO CUBS have filed for Chapter 11 bankruptcy in a technical move that will help enable the club's previously announced sale by TRIBUNE CO. to the RICKETTS family. While the baseball franchise is not in financial jeopardy, the filing ensures that TRIBUNE's creditors in the parent company's bankruptcy will not have claims against the CUBS that might block the sale.
The CUBS, WRIGLEY FIELD, and the team's 25% interest in regional cable network COMCAST SPORTSNET CHICAGO will be transferred to a new corporate entity, a limited partnership owned 95% by the RICKETTS family and 5% by TRIBUNE.
TRIBUNE owns Talk WGN-A/CHICAGO, which will coninue to serve as the CUBS' radio flagship.