Monday, July 13, 2009
Cubs To File For Bankruptcy Despite $900 Million Sale?
The Tribune Company announced the sale of the Chicago Cubs major league baseball franchise to Ameritrade founder Joe Ricketts for $900 million last week. A story, first broken by Bloomberg News (not the Chicago Tribune), suggests the team will file a prepackaged bankruptcy as part of the sale to clear some of its liabilities. Well isn't that special? The Cubs' parent company, the Tribune Company, is involved in the midst of its own bankruptcy reorganization under Chapter 11. You may recall that federal investigators are looking into allegations that former Illinois Gov. Rod Blagojevich attempted to arrange a quid pro quo with Tribune officials to facilitate a sale of the Cubs.