George S. May Business Blog

Chicago Cubs file Chapter 11 bankruptcy

The Tribune is reporting that the Chicago Cubs will filing Chapter 11 bankruptcy in order to secure the transef of ownership. In short, the Chapter 11 filing will ensure that the company’s obligations are met and the Cubs’ assets are transferred without a struggle.

The Tribune Co. reached an agreement Aug. 21 to sell a 95 percent stake in the Cubs and Wrigley Field, as well as a 25 percent stake in Comcast SportsNet Chicago, to the Ricketts family, which will contribute $832 million to the partnership.

The newspaper reported the Tribune will control the remaining five percent stake and receive roughly $740 million.

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