Cubs may file bankruptcy

The Chicago Cubs may consider a bankruptcy filing as part of closing the sale of the team, according to sources close to the ball club. The National League ballclub would be the first team in nearly 4 decades to do so. The move, reported by Bloomberg News, comes as Cubs parent Tribune works to sell the team. The prepackaged bankruptcy under discussions by Cubs officials would be designed to clear the team of liabilities & make sale easier, sources close to the team said. Any prepackaged filing by the Cubs can allow the team to re-emerge from bankruptcy in a very short time from weeks to a day or so, they said. This month, Tribune Co. made progess on a deal to sell the Chicago Cubs, Wrigley Field & other assets to the family of TD Ameritrade founder Joe Ricketts for $900M. It continues to discuss a deal for the same assets with a group led by NY investor & former Chicagoan Marc Utay. The status of each potential purchaser & their ability to buy the team should not be affected by the filing, sources said. Tribune is in the midst of a reorg under a Chapter 11 bankruptcy filing as the media concern struggles under a heavy debt load, poor economy and loss in revenue at its newspapers and television stations.