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Chicago Cubs file bankruptcy
Oct. 12, 2009 1:28 pm
It's not what you think, Cubs fans. The team filed for Chapter 11 bankruptcy Monday, a move that will allow the Tribune Co. to easier sell the team, Wrigley Field and other properties to billionaire Joe Ricketts.
The Tribune Co. filed for Chapter 11 last December but the Cubs were not included in the filing. A group led by Ricketts is buying the team for $845 million.
The Tribune bought the Cubs in 1981 for $20.5 million.
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