A few weeks ago, we posted an entry in which we pondered whether the curse of the Chicago Cubs would manifest itself in a bankruptcy filing by the team.
Indeed, the team filed for bankruptcy. Although the filing barely seems like a curse. In fact, we should be so cursed.
The Cubs, which were purchased by the Tribune Company in 1981 for $20.5 million from candy maker Wm. Wrigley Jr. Co., are going to be sold through the bankruptcy case for a whopping $845 million. This deal tops the record $660 million paid for the Boston Red Sox in 2002. The purchaser for the team is the family of billionaire Joe Ricketts, the founder of TD Ameritrade.
The Cubs aren't actually insolvent. Like we've said, you don't need to be poor to file for bankruptcy. But the Cub's current owner filed for bankruptcy last December as a result of financial problems, and expects that the sale of the Cubs will help it shed some debt. The Cubs' bankruptcy filing will also ensure that any claims against the team will be eliminated, so that the Ricketts family can own the Cubs free and clear.
$820 million in profits and getting rid of your debts doesn't sound like a curse to us. Here's hoping that the Cubs' bankruptcy filing will give the team a fresh start, and end their 101-year title drought.
Indeed, the team filed for bankruptcy. Although the filing barely seems like a curse. In fact, we should be so cursed.
The Cubs, which were purchased by the Tribune Company in 1981 for $20.5 million from candy maker Wm. Wrigley Jr. Co., are going to be sold through the bankruptcy case for a whopping $845 million. This deal tops the record $660 million paid for the Boston Red Sox in 2002. The purchaser for the team is the family of billionaire Joe Ricketts, the founder of TD Ameritrade.
The Cubs aren't actually insolvent. Like we've said, you don't need to be poor to file for bankruptcy. But the Cub's current owner filed for bankruptcy last December as a result of financial problems, and expects that the sale of the Cubs will help it shed some debt. The Cubs' bankruptcy filing will also ensure that any claims against the team will be eliminated, so that the Ricketts family can own the Cubs free and clear.
$820 million in profits and getting rid of your debts doesn't sound like a curse to us. Here's hoping that the Cubs' bankruptcy filing will give the team a fresh start, and end their 101-year title drought.
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