Chicago Cubs sale faces Dec. 1 deadline

CHICAGO, Nov. 20 (UPI) -- The scheduled Dec. 1 date for the sale of Major League Baseball's Chicago Cubs remains unchanged, the ESPN cable sports network reported Thursday.

The Cubs, one of baseball's oldest franchises, was part of the holdings when Chicago real estate mogul Sam Zell bought Tribune Co. in April 2007, and a sale of the team was addressed during a session of the ownership committee in New York Wednesday.

"Bids are expected the week after Thanksgiving," said Bob DuPuy, baseball's chief operating officer. "Mr. Zell claims the team is for sale and they're moving forward."

DuPuy declined to address the nature of the bids or what four groups baseball has seen in person.

The highest potential bidder, Dallas Mavericks owner Mark Cuban, was targeted this week in a civil proceeding by the Securities and Exchange Commission, which is looking into insider trading regarding the sale of personal stock.

Cuban has made a $1.3 billion bid for the Cubs, and is believed in media circles to have more available cash than other bidders.