Posted: Oct 12, 2009 10:31 AM by Associated Press
The Chicago Cubs baseball team is 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.
Tribune, which also owns the Chicago Tribune and the Los Angeles Times, filed for bankruptcy protection in December, but the Cubs were not included in the filing. The team's brief stay in Chapter 11 is expected to protect the team's new owners from potential claims from Tribune creditors.