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 ball club.
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 re-emerge from bankruptcy in a very short time from weeks to a day or so, these sources said.
Wow - I knew that a few MLB teams might be doing this due to the poor economy and falling ad revenue -- but I didn't think it'd be the Cubbies. Well, maybe they can void the Soriano and Bradley contracts?