Posted on 10/12/2009 10:28:25 AM PDT by Justaham
WILMINGTON, Del. - 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.
(Excerpt) Read more at nbcsports.msnbc.com ...
I believe they’ve been bankrupt 100 years. The courts are just now being notified of it.
Well now a judge can protect them from angry creditors. But can a judge protect them from a vengeful goat’s spirit? Can a judge grant an injunction against black cats.
So the Cubs are failures on and off the field.
Seriously, though, this looks like an abuse of the bankruptcy system. The Cubs are one of the most financially successful teams in baseball.
Sports franchises declaring bankruptcy in 2010 will be quite common.
The NBA and especially the NHL already have major revenue problems and will start shedding franchises to stay solvent.
Is the judge's name Steve Bartman?
What, Zero and Hitlery not coming to bail out the Cubs? /sarc
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