Yet Another Twist in the Sale of Cubs
Another potential complication to the Ricketts family final purchase of the Cubs-Examiner" target="_blank">Chicago Cubs has arisen. According to IRN News the Chicago Tribune Company, who bought the Cubs in 1981 for $21 million, may have to take the team into bankruptcy to clear the Tribune company of any future debts related to its ownership of the team.
This would allow bidders, including the Rickettt's family, to make new bids for the team. It is believed the asking price for the Cubs and Wrigley Field is $900 million. That number may be a little high, since Forbes Sports money has their current value at $700 million.
Michael J. Cramer, a professor of sports business at New York University, explained the process of bankruptcy like this:
“You take it in the front door, and it’s just like you’re getting radiation. It comes out the other door about a half minute later. It’s clean.”
If the Cubs do enter Federal Bankruptcy Court, they would be the first MLB franchise to go bankrupt in the last 39 years. In 1970 the Seattle Pilots went broke and where eventually bailed out by current MLB Commissioner Bud Selig.
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