Cubs File for Bankruptcy

The Chicago Tribune reports the Chicago Cubs have filed for chapter 11 bankruptcy. This comes as an unusual move as the Cubs are not in financial trouble. The filing is connected with Tribune Co.'s own bankruptcy filing which began last December.

The Associated Press states the move will allow Tribune Co. to more quickly sell the team to Joe Ricketts and his family. Rickets, a billionaire, is paying $845 million for the Cubs, Wrigley Field and "related properties."

According to Reuters, the Ricketts made their fortune from TD Ameritrade Holiday Corp business. Will new ownership help the Cubs win their first World Series in over a century?