Reporting from Chicago — The Chicago Cubs may consider a bankruptcy filing as part of closing the sale of the team, according to sources close to the major league ballclub.
The National League ballclub would be the first team in nearly four decades to do so. The move, first reported by Bloomberg News, comes as Cubs parent Tribune Co. works to sell the team.
The prepackaged bankruptcy under discussions by Cubs officials would be designed to clear the team of liabilities and make its sale easier, sources close to the team said. Any prepackaged filing by the Cubs could allow the team to reemerge from bankruptcy in a very short time -- from weeks to a day or so, these sources said.
This month, Tribune made progress on a deal to sell the Chicago Cubs, Wrigley Field and other assets to the family of TD Ameritrade founder Joe Ricketts for about $900 million. The company continues to discuss a deal for the same assets with a group led by New York investor and former Chicagoan Marc Utay. .
Tribune is also the owner of the Los Angeles Times, the Chicago Tribune, and other newspapers, in addition to television and radio stations.
The status of each potential purchaser and their ability to buy the team should not be affected by the filing, sources said. Tribune is in the midst of a reorganization under a Chapter 11 bankruptcy filing as the media concern struggles with a heavy debt load, the poor economy and loss in revenue at its media properties.
Tribune spokesman Gary Weitman today declined comment on the specifics of any potential transaction.
bjapsen@tribune.com
