06/14/2008 05:12 am ET Updated May 25, 2011

Tribune's Sam Zell Moving Forward With Chicago Cubs Sale

Tribune Co. chairman and CEO Samuel Zell said Thursday that the offering memorandum for the Chicago Cubs should go out to potential buyers next week and elicit preliminary bids for the National League team 30 days after that.

In a conference call, Zell said the offering memo was already with Major League Baseball for "final approval." The update followed Zell's comments a day earlier that MLB has already "preapproved" nine potential buyers of the club and that Tribune would likely keep a minority interest of 5% or so after the team's sale.