Cubs file for Ch. 11 bankruptcy

So sez CNN, no details.

 

Pre-planned move to cleanse the team of any theoretical liability from Tribune creditors before the sale is finalized.

 

http://www.chicagotribune.com/sports/sns-ap-us-cubs-bankruptcy,0,4054338.story

 

Does that include shedding the liability of this large Milton Bradley "Gamer" T-shirt I found last night for $2 at my local Jewel?

 

If there's a bigger freeloader on the American public than professional sports teams, I'm having trouble thinking of it. Maybe defense contractors? But, at least they usually provide some actual material.

Taxpayers largely build the facilities. Baseball teams have monopoly clauses, etc.

Then, when the Cubs are about to be sold for more than $600 million, they're suddenly broke.

Once again, proof that I don't understand life.

 

Bankruptcy does not mean 'broke.'

 

In the case of the Rangers, it will. Tom Hicks is upside down on the note and he's had to borrow multi-millions from MLB to make payroll.

 

This woulda never happened if Bartman doesn't interfere with that ball [/crossthread]

 

hicks isn't personally broke

 

The Cubs had to file bankruptcy yesterday (it was pre-arranged and already wrapped up early this afternoon) so that the new owners wouldn't be on the hook for any of the massive amount of Tribune debt that the company had used their one profitable arm to help guarantee.

Can you imagine what the sale price would have been had any new owner been liable for massive amounts of the debt of the company he was buying the team from?

 

One profitable arm?

It's my understanding that every Tribune property is profitable (or at least posted a profit in 2008). The shrinking profits are just to low to service this ridiculous debt to the creditors' liking.

 

Awesome.