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|Chicago Cubs File Chapter 11 Bankruptcy to Speed Up Sale
|WILMINGTON, Del. (AP) -- The Chicago Cubs have filed for Chapter 11 bankruptcy protection.
Monday's move will allow the Cubs' corporate parent to sell the team in an $845 million deal.
The filing in Delaware was anticipated and is expected to lead to a brief stay in Chapter 11 for the Cubs. A hearing on the case is scheduled for Tuesday.
Tribune Company plans to sell the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.
Tribune filed for bankruptcy protection in December, but the Cubs weren't included in that filing. The team's run through Chapter 11 is expected to protect its new owners from potential claims by Tribune creditors.
Tribune bought the Cubs in 1981 for $20.5 million from Chicago-based Wrigley Company.
(Copyright 2009 by The Associated Press. All Rights Reserved.)