Monday, July 13, 2009

BREAKING: Chicago Cubs consider bankruptcy filing. . .SOX FANS GLOAT!

White Sox: 2005 World Series Champs
Cubs: 2009 Bankruptcy Filers the first MLB team in 39 years to do so.

We know there is a very shrewd business reason for this filing, but considering Cubs fans think their dominance in attendance means that they are the superior organization, a POTENTIAL BANKRUPTCY on the Cubs part is definitely worth 24-28 hours of Sox fans TALKING MAJOR TRASH!

Bloomberg: Chicago Cubs Bankruptcy Looms as Way to Finish Sale by Tribune

By Greg Bensinger and Gadi Dechter

July 13 (Bloomberg) -- The Chicago Cubs may become the first Major League Baseball team in 39 years to file for bankruptcy as Tribune Co. seeks to sell the franchise after months of negotiations.

Tribune sought Chapter 11 protection in December. It is contemplating a separate filing for the Cubs to expedite the team’s estimated $900 million sale to interested bidders, including Incapital LLC Chairman Tom Ricketts, according to four people familiar with the plan.

A brief Cubs bankruptcy would be a legal maneuver to clear the team from any future liability in the Tribune bankruptcy, according to two of the people familiar with the matter. Sam Zell, chief executive officer of Chicago-based Tribune, pledged the company’s interest in the Cubs as collateral when he negotiated the deal to take the publisher private in 2007, according to one of those people.

“You take it in the front door, and it’s just like you’re getting radiation,” said Michael J. Cramer, a former president of the Texas Rangers who teaches sports business at New York University. “It comes out the other door about a half minute later. It’s clean.”

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