MLB Chicago Cubs file for bankruptcy

The Chicago Cubs baseball team has filed for bankruptcy this week as part of the team's planned sale to the Ricketts family by the Tribune Co, according to official court documents.

The CubsÂ' bankruptcy is intended to shed any claims on the team related to the bankruptcy of Tribune Co, a media corporation.

As part of the agreement that received the approval of a bankruptcy court last month, Tribune will contribute the Cubs, Wrigley Field and its stake in a sports television network to a new company.

The Ricketts family, which made its fortune from the TD Ameritrade Holding Corp business, will contribute cash to the new company and have 95 percent control. The new company has been valued at $845 million and the Tribune has said it is expecting to end up with $740 million from the deal.

"Today's action has been anticipated for some time and is part of the process involved in transferring a controlling interest in the Cubs assets to the Ricketts family," Tribune said in a company statement.