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Peoria Chiefs Losing Money

A pair of audits shows the Chicago Cubs' Class A affiliate in Peoria is losing hundreds of thousands of dollars a season. One audit raises questions about the long-term ability of the team to continue.

Reports say that the Peoria Chiefs lost $848,000 in 2010 and $678,000 in 2009. Losses in both 2008 and 2007 topped $400,000.

The audits were filed with the Peoria County Supervisor of Assessment's Office as part of the Chiefs' appeal of the taxable value of its stadium.

1 of the audits by the Clifton Gunderson accounting firm raises "substantial doubt about the ability to continue as a going concern."

Team President Rocky Vonachen disputed that. He said the Chiefs have been hurt by the weak economy.

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