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Cubs File for Chapter 11

by Ryan Hudson

Hoping to speed up the process of selling the team, the Chicago Cubs have filed for Chapter 11 protection.

The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.

The move is expected to protect the new owners from creditors and “will allow its corporate parent to hand the team to new owners.” If you say so -- I majored in Sports Management, not Business.

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