The Tribune Co., the team's owner, filed for bankruptcy protection in December. A filing by the Cubs would be separate from its parent company and could insulate the team from the Tribune's creditors, four sources told Bloomberg.
The Cubs bankruptcy would be a "legal maneuver to clear the team from any future liability in the Tribune bankruptcy," the report states, citing two sources. Tribune CEO Sam Zell used the Cubs as collateral in his deal to take the publisher private in 2007, according to Bloomberg.
The team is reportedly on the market for $900 million and Incapital LLC Chairman Tom Ricketts is seen as a frontrunner, according to the report.