Cubs make bankruptcy filing
Insert lame jokes here
As reported by the Tribune, there are no financial problems:
While bankruptcy typically implies debt issues, the Cubs are not in financial trouble. Rather its filing is connected to Tribune Co.'s own Chapter 11 bankruptcy case that began in December.
They're just trying to make creditors comfortable:
Now that Tribune Co. has finalized a deal to sell the team to the Ricketts family, it is passing the Cubs through bankruptcy court to give the new owners comfort that the creditors in the original case have no claim against the sold company.
And it's not going to last long:
The Cubs' stay in bankruptcy is expected to last just one day. The bankruptcy judge in the Tribune Co. case has scheduled a hearing on Tuesday.