Bankruptcy can happen to anyone. It is nothing to be ashamed of. Bankruptcy can be a tool to assist those in need. However, if you are thinking of filing bankruptcy and wondering who has been in your same situation, take a look at these major league teams that have filed bankruptcy in the past:
NHL Pittsburgh Penguins
The Penguins have filed for Chapter 11 bankruptcy twice. The first time was in 1975 because they owed $500,000 to the IRS and were $6.5 million in debt. The second time was in 1991 when the team owed more than $90 million to creditors and had asked its players to defer their salaries to help pay the bills.
NHL Cleveland Barons
The Barons filed for bankruptcy in 1978 due to a struggling fan base.
NHL Los Angeles Kings
The Kings filed for bankruptcy in 1995 when their owner defaulted on a $90 million loan.
NHL Ottawa Senators
The Senators filed for bankruptcy in 2003 when they owed their creditors more than $200 million Canadian dollars to creditors. One of their creditors happened to be the NHL.
MLB Seattle Pilots
The Pilots filed for bankruptcy in 1970 after having been in existence for one season.
MLB Baltimore Orioles
The Orioles filed for bankruptcy in 1993 when their owner made a series of bad investments. At the time, the owner invested in a consumer electronics company.
MLB Chicago Cubs
The Cubs filed for bankruptcy in 2009 when its parent company, the Tribune, filed for bankruptcy in 2008.
MLB Los Angeles Dodgers
The Dodgers filed for bankruptcy in 2011 when their owner went through a very bad divorce. After the filing of the bankruptcy, the team was taken over by the MLB.