The Chicago Cubs filed for bankruptcy Monday, speeding up the team's sale from the Tribune Company to the Ricketts family.

According to the Chicago Tribune, the Cubs needed to join the Tribune Company in Chapter 11 bankruptcy to ensure the Tribune Company's obligations are met and that the Cubs' assets are transferred without problems for the new owners.

On August 21, the Tribune Company reached an agreement to sell a 95 percent stake in the Cubs and Wrigley Field, as well as a 25 percent stake in Comcast SportsNet Chicago, to the Ricketts family, which will contribute $832 million to the partnership.

The Tribune will control the remaining five percent stake and receive roughly $740 million, according to the paper.