Bankruptcy in Baseball - Free Essay Example

Give a general background of the company In America, there are many different organizations and franchises that people invest billions of dollars into. Many fields of entertainment are examples of these organizations. What makes people invest into these assets are the involvements and beliefs of watching something grow. Baseball has always been an American Sport because many people in this country have learned to come together to witness the timeline of history within this sport. The Chicago Cubs started off their company in 1876 known as the Chicago White Stockings. While looking at the timeline for the Chicago Cubs History it was stated that, In 1876, the Chicago White Stockings become one of eight charter members of the National League led by their president Williams A. Hulbert, who was also the owner of the Chicago club (p. 1). The White Stockings were not identified to a certain region yet so they were known to move around when competing in baseball. During the ending of the 19th century going in into the 20th, the Cubs were able to find a home based sanctuary for baseball on the Westside of Chicago, Illinois. The Cubs has been known to be a dominant figure in the baseball for many more decades to go. They have been able to even set dominant records as they climb new heights of sportsmanship. The Cubs Timeline was able to express that on September 18, 1999: Sammy Sosa becomes first player in major league history to reach 60- homer mark in back-to-back seasons (p. 1). The Chicago Cubs History talked about the legacy that this baseball team has been able to contribute within history. Having prominent people on their team that created records and also helped them to become representations of the athletic city of Chicago. This research was able to explain, Although they were swept by the Mets, in 2016, the Cubs were even better, winning 103 games the franchises most since the 1910 squad won 104-and running away with the NL Central (Ted Keith). Pull the companys annual report from which they filed and talk about it Bankruptcy within sports can happen when too much money is owed and cant be paid. The Chicago Cubs were able to experience something like this in a great altitude because they did not control the budgets of debt that they owed. Reuters was able to talk about the bankruptcy that The Chicago Cubs were apart of just as well as the consequences that were faced because of it. It has seemed as if the cubs were expecting a bankruptcy all along. Reuters talked about the amount of money that the company owed the baseball league. It stated that Major League Baseball is listed as a creditor for an undetermined amount and the Chicago Cubs Charities are listed as owed $1.12 billion (2018). The amount of money that was owed to charity seemed to be a large sum amount so it was best that the Chicago Cubs Franchise did something about that so that the team would still be able to walk away with something. The Chicago Cubs knew that they had to find someone else to pick up the ownership role for them. In their research it was stated, 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(2018). Once the plan was certified the team new that it was time for a better change. The team took their bankruptcy case to maximum heights as they attempted to hand the team over. Dealbook was able to share that, The team filed in Federal Bankruptcy Court in Deleware, The Associated Press reported (2009). The file for bankruptcy was able to turn out successful because of the business men that this company have trusted. The team was handed over to a new owner so that plans of taking back the Chicago Cubs could finally start to play out. Recommendations for other companies to remain stable Some people look at bankruptcy as a means to destroy everything that is built of faith just because those people cant put up with the cost of seeing something prosper. People should understand that investments are important and how people choose to pay off debts matters just as well. There are things that sports companies must understand while they indulge into a franchise of sports and recreations. Bankruptcy is something taken serious because it could cause and end to something great and worthy of popular demand. At the same time, bankruptcy is not always a bad thing if it can help a franchise evolve into a better one. A writer by the name of Lauren Hamer with CheatSheet was able to explain that Poor management at the top and a threat of relocation can hurt a fan base severely (2018). When you are looking at things for a team you must consider the fans that helps build the dynasty just as well as the advertising sells. Understand within the MLB Dynasty that it is an American Sport. This also means much media, attention, money, and population interest has much to do with building a reputation for friends just as well as coaches, players, and even sport agents. While using the balance as research, there were key notes detailed helping people get away from bankruptcy before it was too late. It is believed that selling some assets can help start from becoming broke. This article instructed viewers to sell whatever you can spare and use the money to pay off your debts (2017). Sometimes people can get rid of certain things that they dont necessarily need so that they can bounce back into the positions that they need to be in. When it comes to the Chicago Cubs and baseball, not all marketing commercials and advertisement was needed. Some minor things that could have been done for them is taking some of those ownership rights away in order to sell it for more income within their own home grounds. This article also gave another idea as they requested that you express your willingness to pay the debt and ask if they can help ease the burden by lowering your monthly payment or decreasing your interest rate (or both) (2017). Learning to use your resources and look for help is always ways to try and stop bankruptcy. Sometimes creditors would rather help than just say no because they are intrigued with another way to still make income. In the end not all bankruptcy is bad. Filing for bankruptcy just means that much funds are owed that cant be paid. As far as the Chicago Cubs, the bankruptcy did not leave their franchise hurt because they caught this issue carefully and planned ahead so that a new owner could have a chance in helping their team. With the right agents, judges, and attorneys, the Chicago Cubs was able to start over with a chance to help redeem themselves from an official term of bankruptcy.