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Cubs May File for Bankruptcy


The Tribune Co., which filed for bankruptcy protection last December is trying to decide if they will file for bankruptcy protection for the Chicago Cubs as a legal maneuver to speed up the protracted closing of the sale of the team. It is being viewed as a way to provide a "clean slate' for the new owners and to protect them from any future Tribune creditors. The family of TD Ameritrade founder Joe Ricketts is thought to be the next owner but the deal has not been finalized and has been complicated by the downturn in the economy since real estate mogul Sam Zell put the team up for sale in April 2007.