On This Day in Chicago Cubs History: The Franchise Files for Bankruptcy
On October 12, 2009, for just the third time in MLB history, a team filed for bankruptcy. This time it was the Chicago Cubs.
In dire financial straits, the current owners of the club, the Tribune Company, filed for Chapter 11 bankruptcy with the state of Delaware.
The Tribune Company had multiple holdings that had already filed such as the Chicago Tribune, the Los Angeles Times, and numerous other well known brands. The Cubs were just the latest.
However, it did pave the way for the sale of the team to Joe Ricketts, the founder of TD Ameritrade Holding Corps in what would be an $845 million deal.
Since the sale of the club, the value of the franchise has increased to an estimated $3.8 billion. A very sound investment indeed.
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