On this day in Chicago Cubs history: Franchise files for bankruptcy

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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.

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Since the sale of the club, the value of the franchise has grown to around $3.8 billion. A very good investment indeed.

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