On October 12, 2009, for only the third time in MLB history, a team filed for bankruptcy. This time it was the Chicago Cubs.
In dire financial straits, the club’s current owners, the Tribune Company, filed for Chapter 11 bankruptcy with the State of Delaware.
The Tribune Company had several previously registered holdings, such as the Chicago Tribune, the Los Angeles Times, and many other well-known brands. The Cubs were just the last.
However, it paved the way for the team to be sold to Joe Ricketts, the founder of TD Ameritrade Holding Corps, in an $845 million deal.
Scroll to continue
Since the sale of the club, the value of the franchise has grown to around $3.8 billion. A very good investment indeed.
More from SI’s Inside The Cubs
- Could Mike Trout ask the Chicago Cubs for a trade?
- Does David Robertson net the Cubs a future star in Ben Brown?
- Hoerner is the Cubs’ shortstop of the future
- Cubs could give Canario a chance in September
- Could the Cubs land Trea Turner in the offseason?
- The Chicago Cubs have a new top prospect in their standings
- Is this Top Cubs prospect destined for the Wrigley mound?
- Steele offers insight into the future of Cub rotation
- Do the Chicago Cubs have the best bullpen in the National League?
- Can Christopher Morel be a long-term solution in center field?
Be sure to follow Inside the Cubs on Twitter!