RealGM

CHICAGO -- The Chicago Cubs might file for Chapter 11 in order to speed their sale by bankrupt media company Tribune Co, two sources familiar with the process told Reuters on Monday.

Bloomberg News also reported the story Monday, saying the Cubs would become the first team to declare bankruptcy since the Seattle Pilots went belly-up in 1970.

"It's pretty certain that they will do it," one of Reuters' sources, who asked not to be identified because the sales process is continuing, said.

Such an approach would likely be taken to ensure the storied baseball team and related assets are free of liabilities so as to speed a sale, said the other source, who also asked not to be identified. Tribune filed for bankruptcy last December, but the Cubs were not part of that filing.