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Sources: Chicago Cubs Exploring Bankruptcy Filing

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Jul 13, 2009 11:45 am US/Pacific

Sources: Chicago Cubs Exploring Bankruptcy Filing

CHICAGO (AP) ―

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The corporate owner of the Chicago Cubs is considering having the team file for bankruptcy protection. People knowledgeable about the process say the move would hasten the club's long-awaited sale by cleaning up its books.

Tribune Co., which itself filed for bankruptcy protection in December, intends for the Cubs' own stay in Chapter 11 to last just a day or two.

Two people familiar with the process described it to The Associated Press on condition of anonymity Monday because the bankruptcy plans are not yet public.

The move is not imminent and does not signify that the team cannot pay its bills, one of the people said.

The family of TD Ameritrade founder Joe Ricketts remains the front-runner to buy the team, but there is no final agreement.