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CEO Sam Zell said the company ran into a “perfect storm — a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt.”
The Cubs and Wrigley Field weren’t included in the Chapter 11 filing, and the Cubs promptly released a statement saying, “The Chicago Cubs are not included in Tribune’s restructuring and the business and baseball operations of the Cubs continue independent of Tribune’s decision to restructure its debt. The sales process for the team, ballpark and related assets continues and its timetable for completion remains unchanged by today’s announcement by Tribune. It is business as usual at Wrigley Field as the Cubs continue to prepare for the 2009 season. We remain exclusively focused on our singular goal of securing a World Championship for our fans and the city of Chicago.”
