The International Herald Tribune reports that the Chicago Cubs are close to becoming the first Major League Baseball team in nearly 40 years to file for bankruptcy.
The IHT says that the team’s owner, the publisher Tribune Co., sought bankruptcy protection in December, and is now considering a separate filing for the Cubs to speed up a $900 million sale. The bankruptcy would legally clear the team fro mfuture liability in the Tribune bankruptcy. The parties interested in buying it include Tom Ricketts, the chief executive of Chicago investment bank Incapital LLC.
The IHT says Tribune refused to comment on any “potential transactions”.
