Confirmation of Depression. 100 + year baseball franchise that survived the great depression and world wars files for bankruptcy. go Sox
If that is true - and it probably is - it is most likely a condition of the sale of the team. I read an article a while back that as a condition of the sale the buyer wanted the current owners to file for BK so they wouldn't have to assume some of the debt of the Chicago Tribune, which is massive. As a stand alone orgination the Cubs are not bankrupt but you'll have to confirm all this. I ain't looking it up. Go Sox!
the1 is correct. Cubs are actually in a better financial situation than any team in baseball when you think about it. Wrigley is paid for, payroll is relatively low for a big market team (compared to Yankees/Red Sox), and when they lose 90 games per season, the fans still show up in bunches. Plus, several games are broadcast nationally on WGN. Despite all that, they still haven't won shit. Their farm system seems to have a tough time churning out good position players.