Selig OK with Chicago Cubs' debt load

CHICAGO, June 4 (UPI) -- Commissioner Bud Selig said he has no worries about the Chicago Cubs, even though the team was among nine franchises in violation of baseball debt-equity rules.

Selig told the Chicago Tribune he remained fully supportive of the ownership of the Cubs, who have been experiencing decreasing attendance.

"I have no concerns, nor does anybody in baseball," Selig said. "Nor am I concerned with the overall health of the industry."

The Tribune said Saturday the Cubs were among a group of teams recently notified by the commissioner's office they were in violation of debt-equity rules. The other clubs included the Dodgers, Mets, Tigers, Rangers, Orioles, Marlins, Nationals and Phillies.

The venerable Cubbies were purchased in 2009 by the Tom Ricketts ownership group as part of a larger, complex deal with the Tribune Co. worth $485 million, which required about $400 million in debt, the newspaper said.

The Cubs have since been shedding payroll and have largely stayed out of the competition for high-priced players.