The Tribune Company, who own the Chicago Cubs, are looking to sell the team and have potential buyers in the Rickett family. But since the Tribune Co. is facing some uber money woes, they're thinking of putting the Cubbies into bankruptcy to speed up the whole selling process. Apparently if the Cubs are put into bankruptcy, it'll help extricate the team from the Tribune's own bankruptcy issues, and will just help make a quicker and cleaner sale of the team to the Rickett's.
A little trivia for ya: The last team to file for bankruptcy were the Seattle Pilots, who went bankrupt in 1970 after only playing one season. The team was sold to Bud Selig (who is now the MLB Commissioner), moved to Milwaukee and renamed the Brewers.