This page has been archived and commenting is disabled.

Chicago Cubs File For Bankruptcy

Tyler Durden's picture




 

Developing story: The Chicago baseball team is the first to file for bankruptcy since 1970. The filing will facilitate the team's sale to Incapital's Tom Ricketts for $900 million. This development has been expected for a while, and follows on the Tribune's Chapter 11 filing earlier this year.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 10/12/2009 - 12:09 | 96547 lizzy36
lizzy36's picture

amusingly cnbc 6 mins behind tyler, breaking this story. 

of course this is merely a News Alert story.

as the only BREAKING NEWS today is dow approaching 10,000.

Mon, 10/12/2009 - 12:37 | 96568 deadhead
deadhead's picture

i would love to see a print of 999.99. 

If it does print 10k, I want to see the cheerleading crew answer the question, 'what next?'

Mon, 10/12/2009 - 12:14 | 96550 The Beard is Weird
The Beard is Weird's picture

Good, maybe now they can get rid of that bum Soriano's contract.

Mon, 10/12/2009 - 12:21 | 96556 digalert
digalert's picture

Why are they going straight to BK without stopping by the FED bailout window first?

Mon, 10/12/2009 - 12:32 | 96565 koaj
koaj's picture

considering Ricketts owns TD Bank, they should have funding available

+1

Mon, 10/12/2009 - 12:36 | 96567 Paul S.
Paul S.'s picture

Aren't the Cubs used to folding in October?

Mon, 10/12/2009 - 12:37 | 96569 bruce wayne
bruce wayne's picture

+1

Although it is generally April, not October.

Mon, 10/12/2009 - 14:54 | 96705 Bam_Man
Bam_Man's picture

No, the Cubbies are famous for their annual "June Swoon".

Mon, 10/12/2009 - 12:55 | 96592 Gilgamesh
Gilgamesh's picture

September

Mon, 10/12/2009 - 12:55 | 96594 Anonymous
Anonymous's picture

i thought the feds would buy them at an inflated price of $2 billion or more. i am disappointed.

Mon, 10/12/2009 - 12:55 | 96595 Anonymous
Mon, 10/12/2009 - 13:05 | 96604 Anonymous
Anonymous's picture

The Cubs are bankrupt. But the big story is that they are not going to pay their 300 million$ tax bill!!!!! Try not to pay your taxes!! How does Sammy boy Zell avoid 300 million in taxes??? Who does he know? Zell is one of the arch criminals.

Mon, 10/12/2009 - 13:09 | 96608 Anonymous
Anonymous's picture

I am certain a free taxpayor funded stadium is to follow. Zell and his henchmen fail to pay their 300 million in taxes and will get a taxpayor subsidy!!! I guarantee you the criminal Governor of Illinois will build the bankrupt Cubs a new stadium. Mayor Daley built a 750 million$ stadium for the bankrupt Bears. Imagine the graft in a new baseball stadium. Can you complain? No way! Zell owns the Chicago Tribune!!!!

Mon, 10/12/2009 - 13:09 | 96609 Crook County
Crook County's picture

Maybe they will liquidate Milton Bradley as a troubled asset.

Mon, 10/12/2009 - 13:28 | 96627 Anonymous
Anonymous's picture

Non-performing asset

Mon, 10/12/2009 - 13:28 | 96625 Anonymous
Anonymous's picture

The MLB and NFL were really the first recipients of the bailouts. For 20 years now "pro" American sports have been receiving billions from the taxpayors. It is only logical that the banksters try the same hoax. where is the American media? It is all propaganda; all the time, everytime.

Mon, 10/12/2009 - 13:36 | 96635 Michael
Michael's picture

I've been saying this would happen all year. Just look at all the empty stadium seats there were this year.

The population cannot support all the idol personalities that have been created by American Idol, TV programming personalities, Movie Personalities, Music personalities, Sports Personalities and all the support staff people associated with all that. There just is not enough money coming from advertising and the fans anymore. There was what I call a TV Bubble and it is now collapsing.

Mon, 10/12/2009 - 13:45 | 96646 Crook County
Crook County's picture

The cubs drew over 3 million this year.

Mon, 10/12/2009 - 13:50 | 96652 Michael
Michael's picture

Tell me what the total attendance stats were this year?

Mon, 10/12/2009 - 14:08 | 96671 Crook County
Crook County's picture

Not sure what their total was, but it was over 3 mil for the 6th consecutive year.

cubs draw 3,000,000 fans

http://bit.ly/hgROp

 

MLB draws 5th highest attendance ever

http://bit.ly/11rjIV

 

Mon, 10/12/2009 - 14:25 | 96686 Michael
Michael's picture

That's what I'm talking about. Attendance trend is down for years .

Mon, 10/12/2009 - 15:15 | 96727 gmrpeabody
gmrpeabody's picture

I am waiting for Jerry Jones to roll over with his new Cowboy stadium.

Mon, 10/12/2009 - 14:56 | 96708 Bam_Man
Bam_Man's picture

Obviously their ticket prices are way too low.

Either that or the players' salaries are way too high.

Whocoodanode?

Mon, 10/12/2009 - 13:40 | 96643 Anonymous
Anonymous's picture

For 20 years I have preidcted the end of the "baseball, hot dogs, apple pie, and chevrolet". well, apple pie is still alive but I prefer strudel.

Mon, 10/12/2009 - 13:48 | 96650 Michael
Michael's picture

Now it's; Health Care, Hospitals, Pharmaceuticals, and Pfizer. 24/7/365 The medical industrial complex TV time is approaching 33%. And this is supposed to replace all the manufacturing that we sent away?

Mon, 10/12/2009 - 14:57 | 96710 Bam_Man
Bam_Man's picture

Yes, this is the new "new economy".

We all get rich emptying each others' bed pans.

Mon, 10/12/2009 - 13:50 | 96653 Anonymous
Anonymous's picture

The 3 million in attendance is a fraud. 50% of the tickets are given away free. With its current structure, the Cubs can only survive with a free taxpayor funded stadium. And they must not pay their 300 million$ tax bill.

Mon, 10/12/2009 - 13:57 | 96659 Screwball
Screwball's picture

Always been a huge baseball fan, and sports fan in general.  Played myself, the whole thing.  At this point in time, considering I'm pissed off at pretty much everything, it might be a good thing if the entire sports industry blew up.  It has turned into an complete crock of shit.

And besides, how can a damn athlete make more than pigmen.  I guess I'm just old, stupid, and pissed off.

[/rant]

Mon, 10/12/2009 - 14:11 | 96674 Anonymous
Anonymous's picture

If I ever see Mark Haynes on the street, I swear I am going to kick in his fucking face.

Mon, 10/12/2009 - 15:39 | 96750 Brian Griffin
Brian Griffin's picture

The pro-bowler from the Giants - he was one of my all-time favorites.  He'll kick you in the knee first. 

Mon, 10/12/2009 - 15:02 | 96718 Anonymous
Anonymous's picture

They should allow the Trustee to run the Cubs for a year. Maybe they'd win the Series.

Mon, 10/12/2009 - 15:47 | 96758 Anonymous
Anonymous's picture

Empty stadia? the Florida Marlins had less than 1000 fans at some games. Yet the Miami council voted to provide a 2.2 billion$ stadium for this private enterprise! The government cannot be stopped. It is impossible. Criminal to the core.

Mon, 10/12/2009 - 17:44 | 96884 Unscarred
Unscarred's picture

When are the MLB owners ever going to warm up to a potential owner like Mark Cuban?  Sure, he's loud, obnoxious and brash, but above all else (besides making a nice return on his investment) he's willing to do what's necessary to WIN!  I mean, name other owner who would actually hire 12 assistant coaches for their NBA team...

After 100+ years, I can't imagine too many Cubs fans being upset about that.  Hell, last I checked, Bud Selig still has a franchise in D.C. that he's trying to unload.

Mon, 10/12/2009 - 17:58 | 96907 McGriffen
McGriffen's picture

Cuban would bum-rush the field...one step behind ol Lou to kcik dirt on home plate.

I'd bet Don Nelson has some harsh words tho...

Mon, 10/12/2009 - 18:36 | 96943 Unscarred
Unscarred's picture

Cuban is fucking NUTS!  BUT, he's also fucking BRILLIANT.  MLB has to realize that they are going nowhere fast.  Their problem is that of most organizations; they would rather sit back and bleed this lifeless body of it's last drop of blood, as appossed to checking for a pulse and getting it to the ER.

How else can you justify getting your ass handed to you by NASCAR?  (I mean, seriously... NASCAR?!)

Mon, 10/12/2009 - 19:33 | 96992 Anonymous
Anonymous's picture

They need a new stadium. And I know just the taxpayers to build it.

Mon, 10/12/2009 - 20:37 | 97071 agrotera
agrotera's picture

I don't know about their financials, i just wish I could buy the team because I LOVE THE CUBS forever and no matter what!!!

Mon, 10/12/2009 - 22:07 | 97175 Anonymous
Anonymous's picture

the love for the cubs does not match the debt of the cubs. the love for the cubs does not match the 300 million in taxes they wont pay. If you owe 30,000 in taxes they put you in jail. You owe 300 million? You are a hero. This is a sick society. I would ban the Cubs until they paid their taxes. Former Illinois governor Blagovich refused to build a taxpayor stadium for the Cubs. Sam Zell eliminated him.

Do NOT follow this link or you will be banned from the site!