Cubs Headed for Bankruptcy?
(AP Photo/Nam Y. Huh)
The Tribune Co., the team's owner, filed for bankruptcy protection in December. A filing by the Cubs would be separate from its parent company and could insulate the team from the Tribune's creditors, four sources told Bloomberg.
The Cubs bankruptcy would be a "legal maneuver to clear the team from any future liability in the Tribune bankruptcy," the report states, citing two sources. Tribune CEO Sam Zell used the Cubs as collateral in his deal to take the publisher private in 2007, according to Bloomberg.
The team is reportedly on the market for $900 million and Incapital LLC Chairman Tom Ricketts is seen as a frontrunner, according to the report.
Best-selling author Mitch Albom on his first nonfiction work since "Tuesdays with Morrie."
You want the fans back, make it affordable and work on volume.
Cut players salaries, they make way too much money. Either that or watch franchises disappear in the future.
All of these ball clubs and mergers-and-adquisitions over the last 20 years has been done with structured-finance-debt, a phony scam with use of worthless derivatives and credit-default swaps.
Now that the derivatives bubble has bursted, our whole sports and entertainment 'industry' will be about as significant as the Jamaican snow-boarding team.
Mark my words.