Will Tribune's Bankruptcy Affect Cubs Sale?

Tribune Co. says it will not alter its plans to sell the Cubs and related assets amid news that the company is filing for Chapter 11 bankruptcy, but the developments certainly add even more drama to the proceedings. The Cubs and Wrigley Field are not part of the bankruptcy filing, but sources say Tribune will have to keep creditors up to date with the events, and the eventual winning bid “will have to be signed off by a bankruptcy judge.” And while offers for the team were expected to come in north of $1B, it is a real possibility yesterday’s filing could result in the three known bids dropping from their $850-950M range. However, GM Jim Hendry said there will be “no change in anything” on the baseball side.

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