"The Chicago Cubs baseball club has filed for Chapter 11 bankruptcy protection as part of moves to sell it. The Cubs are owned by media group Tribune, which also owns the Chicago Tribune and the Los Angeles Times. Tribune declared bankruptcy in December and is now trying to sell the Cubs to the billionaire Ricketts family. The Cubs' bankruptcy filing is intended to make sure that the club's new owners are not liable for claims from creditors of Tribune. It is the first time that a Major League Baseball club has declared bankruptcy since the Baltimore Orioles in 1993." - Steven Perez from Bookmarklet