CHICAGO (UPI) -- The Chicago Cubs filed for bankruptcy Monday to speed up the team's sale from the Tribune Co. to the Ricketts family.

The Chicago Tribune reported the Cubs needed to join the Tribune Co. in Chapter 11 bankruptcy to ensure the company's obligations are met and the Cubs' assets are transferred without problems for the new owners.

The Tribune Co. reached an agreement Aug. 21 to sell a 95 percent stake in the Cubs and Wrigley Field, as well as a 25 percent stake in Comcast SportsNet Chicago, to the Ricketts family, which will contribute $832 million to the partnership.

The newspaper reported the Tribune will control the remaining five percent stake and receive roughly $740 million.



Copyright 2009 by United Press International

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