The Chicago Cubs filed for bankruptcy protection today as part of parent Tribune Company's efforts to sell the popular-but-bad team. (I make no effort to be non-partisan on this blog or this topic; I'm a White Sox fan -- as is our president, so it's only patriotic to be a Sox fan.)
The Cubs aren't likely really bankrupt, at least not in the usual sense. (CNBC reported just a few weeks ago that the Cubs remain a money machine. See video below.) It was a necessary part of the sale deal, because likely new owners -- the Ricketts family -- won't be liable to Tribune creditors as Tribune continues working through its own real bankruptcy. (Tribune filed for bankruptcy protection in December 2008.)
I always found it amusing that the White Sox could be winning their division or be in second place almost every year, and they'd often be playing to crowds (what's in a word?) of 6,000 or 12,000. Meanwhile, the Cubbies would be lounging at the bottom of their National League division and they'd be playing to sold-out crowds of drunk Northwestern frat boys and drunk Loop businessmen (former Northwestern frat boys, natch) entertaining clients. Cubs fans love Wrigley Field and the Cubs. White Sox fans love baseball. There's a difference.