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Bankruptcy Won't Exempt Cubs From Contracts

By Ben Nicholson-Smith [July 14, 2009 at 8:58am CST]

The Tribune Co. may take the Cubs to bankruptcy to complete the sale of their team to the Ricketts family, but the club will still be responsible for its players' contracts, according to David Roeder and Fran Spielman of the Chicago Sun-Times. Major league baseball guarantees payment on player deals, so the Cubs won't be able to avoid contracts like Alfonso Soriano's and Milton Bradley's. 

A bankruptcy filing would bring the sale of the team closer to completion, but a bankruptcy judge and 75% of major league owners would still have to approve the transaction.

Full Story |  Comments (10) | Categories: Chicago Cubs




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