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Chicago Cubs file for Chapter 11 bankruptcy protection

October 12, 2009 |  9:45 am

Cubs As anticipated, the Chicago Cubs filed for Chapter 11 bankruptcy protection this morning in an effort to speed up the team's sale to the family of billionaire Joe Ricketts.

Tribune Co., which owns the Cubs (and the Los Angeles Times), is in the process of selling the team for $845 million. Tribune Co. filed for bankruptcy protection in December.

The Chapter 11 filing likely will quicken the sale of the team because it's expected to prevent Tribune Co.'s creditors from filing claims against the new owners.

Under the proposed deal, the Ricketts family would buy a 95% stake in the team. Tribune Co. would keep a 5% stake. Joe Ricketts is the founder of TD Ameritrade.

Tribune Co. bought the Cubs in 1981 for $20.5 million.

-- Austin Knoblauch

Photo: Cubs fans leave Wrigley Field following a game against the Atlanta Braves on July 6. Credit: Scott Olson / Getty Images