Turn Off Ads?
Results 1 to 4 of 4

Thread: Chicago Cubs file for Ch. 11 to speed team's sale

  1. #1
    Member
    Join Date
    Jul 2006
    Location
    Cincinnati, Ohio
    Posts
    999

    Chicago Cubs file for Ch. 11 to speed team's sale

    NEW YORK The Chicago Cubs baseball team filed for Chapter 11 bankruptcy protection Monday, a step that will allow its 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.

    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, Neb.-based TD Ameritrade.

    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 run through Chapter 11 is expected to protect its new owners from potential claims by Tribune creditors.

    Tribune bought the Cubs in 1981 for $20.5 million from candy maker Wm. Wrigley Jr. Co. It announced plans to sell the franchise in 2007, but got tripped up by the recession and the collapse of the credit markets.

    It has agreed to sell the Ricketts family a 95 percent stake in a deal that tops the record $660 million paid for the Boston Red Sox and its related properties in 2002. Tribune Co. is keeping the remaining 5 percent.

    The Cubs' bankruptcy filing is not the first for a Major League Baseball team. The Baltimore Orioles were sold in a bankruptcy auction in 1993 after owner Eli Jacobs filed for Chapter 11. The same happened to the Seattle Pilots after the 1969 season. The new owners moved the team to Milwaukee and changed the name to the Brewers.

    The National Hockey League's Phoenix Coyotes, a franchise that has yet to make a profit since moving from Winnipeg, Manitoba, in 1996, filed for Chapter 11 protection in May.
    http://www.google.com/hostednews/ap/...NseDgD9B9MA7G3

  2. Turn Off Ads?
  3. #2
    Member DannyB's Avatar
    Join Date
    Mar 2001
    Location
    Fort Lauderdale
    Posts
    797

    Re: Chicago Cubs file for Ch. 11 to speed team's sale

    I blame Dusty for all that.

  4. #3
    The Future is Now Ghosts of 1990's Avatar
    Join Date
    May 2008
    Location
    Columbus, OH
    Posts
    4,007

    Re: Chicago Cubs file for Ch. 11 to speed team's sale

    bad time to be a cubs fan for sure.
    2009 Attendance Record: 3-5
    2010 Attendance Record: 2-9
    2011 Attendance Record: 3-4
    2012 Attendance Record: 3-4
    2013 Attendance Record: 5-2

  5. #4
    Member
    Join Date
    Apr 2005
    Location
    Braintree, MA
    Posts
    2,071

    Re: Chicago Cubs file for Ch. 11 to speed team's sale

    Quote Originally Posted by JayBruce32 View Post
    bad time to be a cubs fan for sure.
    Maybe, but not because of this. This doesn't affect the Cubs in any negative way.


Turn Off Ads?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please.

Thank you, and most importantly, enjoy yourselves!


RedsZone.com is a privately owned website and is not affiliated with the Cincinnati Reds or Major League Baseball


Contact us: Boss | GIK | BCubb2003 | dabvu2498 | Gallen5862 | LexRedsFan | Plus Plus | RedlegJake | redsfan1995 | The Operator | Tommyjohn25