The Chicago Cubs are taking one for the team.
The baseball franchise's anticipated Chapter 11 filing at the U.S. Bankruptcy Court, District of Delaware happened on Monday. The Cubs had filed for bankruptcy so its soon-to-be new owners -- the Ricketts family -- can escape any potential claims from Tribune Co. creditors. Apparently, this isn't the first time a Major League Baseball team has been purchased out of bankruptcy, according to Reuters.
The Baltimore Orioles were acquired out of bankruptcy in 1993 by attorney Peter Angelos. Meanwhile, current Major League Baseball commissioner Bud Selig led an investor group that purchased the Seattle Pilots out of bankruptcy in 1970. The Pilots were eventually moved to Milwaukee and renamed the Brewers. - Gerald Magpily
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