Chicago Cubs file for bankruptcy.

[techs]

http://news.yahoo.com/s/ap/200..._ot/us_cubs_bankruptcy

Chicago Cubs file Chapter 11 to speed team's sale

WILMINGTON, Del. ? The Chicago Cubs are 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




I saw them play this year.
And they were bankrupt.

btw I wonder if they will try to void player contracts, which you can do under bankruptcy.

 

[ElFenix]

they'd have to re-sign everyone.

 

[phoenix79]

Maybe we can get rid of Milton Bradley...

 

[darkxshade]

The yankees lineup can chip in and buy a timeshare over 4-5 years.

 

[dougp]

I really wish Mark Cuban would have been able to purchase the Cubbies, but it's not in the books. He'd bring some serious owner-edge to the game ... I hate him as a basketball owner, but if he owned the baseball team I cheer for, that would just rock.

 

[BeauJangles]

Originally posted by: techs

I saw them play this year.
And they were bankrupt.

btw I wonder if they will try to void player contracts, which you can do under bankruptcy.

Pretty sure this is just to facilitate the sale of the team. I remember reading that they were going to do this a while ago.

But, yes, they sucked this year.

 

[K1052]

Originally posted by: BeauJangles

Originally posted by: techs

I saw them play this year.
And they were bankrupt.

btw I wonder if they will try to void player contracts, which you can do under bankruptcy.

Pretty sure this is just to facilitate the sale of the team. I remember reading that they were going to do this a while ago.

But, yes, they sucked this year.

Yea, because it's a bigass asset changing hands and they want to keep the people the Trib owes money too away.

 

[eplebnista]

That's some news.

 

[ric1287]

Originally posted by: eplebnista
That's some news.

not really, just doing it to sell the team. Considering they've gone over a century accomplishing nothing, I'd say a new owner is a bit overdue

 

[Modular]

This is what happens when your fanbase is nothing more than a bunch of frat boys...

 

[Schloonce]

Baseball...meh.

 

[kalster]

Bartman , Bartman , Bartman

 

[HannibalX]

 

[rockyct]

If they really do have to re-sign everyone I wonder if that would make the overall contracts this off season much smaller. I haven't really paid attention to the number of big name players eligible for free agency but the normal pool + Cubs + less revenue overall = lower contracts.

 

[BeauJangles]

First, why all the frowny faces? Second, I don't think this move affects the internals of the team, it simply shields the new owner from any claims by Tribune creditors.

 

[Nitemare]

maybe they can get a Russian billionaire to buy them?

 

[rockyct]

Originally posted by: BeauJangles
First, why all the frowny faces? Second, I don't think this move affects the internals of the team, it simply shields the new owner from any claims by Tribune creditors.

Ah, that makes more sense.

 

[rudder]

damn this will ripple through the steroid industry... those guys are hurting already with the recession and all.

 

[BeauJangles]

Originally posted by: Nitemare
maybe they can get a Russian billionaire to buy them?

The team is being bought. They filed for bankruptcy because it shields the new owner from any liability for being associated with the Tribune Company. The Cubs are a profitable team. They are in no danger of true bankruptcy or drawing on the 150 million dollar credit line MLB established.

The ONLY team in MLB who has thus far needed financial assistance are the Texas Rangers.

 

[techs]

Originally posted by: BeauJangles

Originally posted by: Nitemare
maybe they can get a Russian billionaire to buy them?

The team is being bought. They filed for bankruptcy because it shields the new owner from any liability for being associated with the Tribune Company. The Cubs are a profitable team. They are in no danger of true bankruptcy or drawing on the 150 million dollar credit line MLB established.

The ONLY team in MLB who has thus far needed financial assistance are the Texas Rangers.

And the Yankees bailed them out of their 250 million dollar fiasco of an A-Rod contract.

 

[TheVrolok]

I thought this was a joke. Ouch.

 

[Chiboy]

VOID BRADLEY! PLZ FOR THE LOVE OF GOD.

 

[Pollock]

Get rid of Soriano, too, and renegotiate Zambrano.