Cubs File for Bankruptcy

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The Chicago Cubs filed for Chapter 11 bankruptcy protection on Monday, an expected step in the team's sale process.

The filing in Wilmington, Del., was anticipated and is expected to lead to a brief stay in Chapter 11 for the Cubs before the team's parent company sells the team in an $845 million deal.

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I never knew they were in trouble

 

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Tribune, which also owns the Chicago Tribune and the Los Angeles Times, filed for bankruptcy protection in December, but the Cubs were not included in the filing. The team's run through Chapter 11 is expected to protect its new owners from potential claims by Tribune creditors.