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Last updated on Tuesday, October 13, 2009
(NEW YORK, NY) - The Chicago Cubs may have filed for bankruptcy, but it doesn’t mean the franchise is folding.
The team filed for chapter 11 bankruptcy protection on Monday, a move that was anticipated so that the organization can be sold from its parent company, Tribune, to the family of billionaire Joe Ricketts.
Tribune bought the Cubs for $20.5 million dollars in 1981.
The sale to Ricketts is reportedly for $845 million dollars.
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