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Cubs file for bankruptcy as expected

Associated Press

Monday, October 12, 2009

NEW YORK -- The Chicago Cubs filed for Chapter 11 bankruptcy protection Monday, a step that will allow their corporate parent to sell the team in an $845 million deal. The filing in Wilmington, Del., was anticipated and is expected to lead to a brief stay in Chapter 11 for the Cubs. A hearing on the case was scheduled for Tuesday. It comes as part of the Tribune Co.'s plans to sell the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts, the founder of Omaha, N ...

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