Cubs File For Chapter 11 To Speed Sale

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The Cubs filed for Chapter 11 bankruptcy protection on Monday, a move that will allow their owner to sell the team in an $845 million deal.

A hearing was scheduled for Tuesday in front of the judge who has been handling the bankruptcy of the Cubs' owner, Tribune Co.

The filing is part of the Tribune Co.'s plans to sell the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts, the founder of Omaha, Neb.-based TD Ameritrade.

Via Yahoo! Sports

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