Harry Caray Smiles from Grave as Cubs file for Bankruptcy
Although the Chicago Cubs baseball team filed for Chapter 11 bankruptcy on Monday, Harry Caray is smiling from the grave. The Cubs are now safe from Tribune creditors tarnishing the storied baseball franchise while collecting debts from the crumbling newspaper empire.
Upon first glance, the news is confusing because bankruptcy is normally reserved for failed businesses. However, in this rare case the legal protection is helping expedite a sale of the Cubs for a league record $845 million. That’s a pretty 14.2% compounded annual appreciation since Tribune purchased the Cubs from Wm. Wrigley Jr. Co. in 1981.
Now that one of America’s iconic sports franchises has been excused from its parent company’s intervention, Harry Caray can get back to singing his eternal rendition of “Take Me Out to the Ball Game.”