Chicago Cubs Owner May File for Chapter 11 Bankruptcy

In an effort to expedite the sale of the Chicago Cubs, the owner of the team may file for Chapter 11 bankruptcy.

Tribune Co., which filed for bankruptcy in December, said it may consider a separate bankruptcy filing for the team as a way to clear the team from any future liability in the Tribune bankruptcy.

Tribune is currently in talks with the Ricketts family to sell the team for an estimated $900 million. Tom Ricketts is the chief executive of Chicago investment bank InCapital LLC. Another offer has been submitted by Marc Utay, managing partner with the New York-based private equity firm Clarion Capital Partners LLC, although his offer is believed to be more risky.

If Tribune decides to file for bankruptcy on behalf of the Cubs, it would be the first Major League Baseball team in 40 years to file for bankruptcy.

Representatives from the Tribune Co. and Major League Baseball would not comment on the deal.

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