Want to buy a bridge? How about the Cubs?

[topless_mike]

Chicago Cubs for sale. (http://www.foxnews.com/story/0,2933,564463,00.html?test=latestnews)

What officially happens if the Cubs were to go bankrupt? Would the team stop playing?
If the team stopped playing, what would happen to their opponents for the rest of the season? Would MLB intervene to get through the season?

I really hope the the new owners (some dood from TD Ameritrade) leaves Wrigley Field alone (name including). Its bad enough that Yankee Stadium was torn down. I cant imagine if Wrigley or Fenway were to be destroyed. Is Wrigley protected under the Historical Landmark program?

[TheMojoPin]

"For sale?"

This has been going on for 2 years. They're not actually bankrupt, what with being one of the most profitable teams in baseball and all. The whole Chapter 11 protection deal is to expedite their movement from the Tribune Co. (which is actually bankrupt) to the new owners (which hopefully will be completely finished by the end of this month).

And I don't know what would happen if a team actually went bankrupt. It would take something really extreme for a team to actually be out of money (since filing for bankruptcy doesn't actually mean that) and operations couldn't be funded. I would assume that MLB would push for the team to be sold ASAP, or maybe they have rules in place that require such action.

I hope the new owners redo Wrigley. It's a piece of shit right now. Keep all the key stuff but gut the grandstand and the upper deck. It'll mean playing a season or two at the Cell with the Sox or even up at Miller, but it needs to be done.

[K.C.]

"For sale?"

And I don't know what would happen if a team actually went bankrupt. It would take something really extreme for a team to actually be out of money (since filing for bankruptcy doesn't actually mean that) and operations couldn't be funded. I would assume that MLB would push for the team to be sold ASAP, or maybe they have rules in place that require such action.


Obviously, you're not familiar with a little franchise called the Texas Rangers.

And twice, for that matter. Once under GWB, and nearly this year (they had to take a loan from MLB to make payroll).

MLB would never allow a team to actually file for bankruptcy because I believe it would cause a mess in terms of the collective bargaining agreement, but I wouldn't be surprise if the league can seize temporary control of fiscally insolvent teams to get them to a place where the team can be sold.

[TheMojoPin]

Obviously, you're not familiar with a little franchise called the Texas Rangers.

And twice, for that matter. Once under GWB, and nearly this year (they had to take a loan from MLB to make payroll).

MLB would never allow a team to actually file for bankruptcy because I believe it would cause a mess in terms of the collective bargaining agreement, but I wouldn't be surprise if the league can seize temporary control of fiscally insolvent teams to get them to a place where the team can be sold.

Huh. I knew Bush's tenure over the Rangers was a mess but I didn't know they basically went broke, nor that it almost happened again this year. Learn something new every day.

[K.C.]

Huh. I knew Bush's tenure over the Rangers was a mess but I didn't know they basically went broke, nor that it almost happened again this year. Learn something new every day.

The Rangers are likely to be sold, or at least controlling interest sold, because of their financing issues this year. It's also why they never became a serious player for Roy Halladay despite having the need and one of the best farm systems in baseball...they couldn't take on the salary when they barely could make payroll from week to week.

The Bush thing isn't quite as cut and dry. When his group bought the franchise, the team was on the brink of financial ruin...in actuality, though, he's was responsible for basically stealing the land where the Ballpark at Arlington is at right now, and having the entire stadium and subsidized in such a way where they essentially gained ownership of it without ever paying anything for it.

His tenure was pretty scandalous to say the least.



But back to the point, it's unlikely any team ever gets to a point where they're legitimately bankrupt...that said, something like what happened with the Wilpons and the Mets this year is the type of thing that can do it....where ownership loses a substantial amount of money to some type of business fraud.

If that happened, I have to imagine MLB has a clause providing temporary financing to kept the team running until it is sold.

[cougarjake13]

didnt they do that with the expos ??