The New York Times is reporting today that the Tribune Company, owned by Sam Zell, is close to filing for bankruptcy. They went private under owner Sam Zell, a move that put control out of the hands of Wall Street investors but put them deeply into debt.

The article is mostly speculation at this point, but the Tribune Co. needs cash and fast. Zell owns assets under the company such as the Chicago Cubs, which could be worth as much as $1 Billion, depending on who’s buying.

With Mark Cuban, owner of the Dallas Mavericks, facing possible SEC charges for insider trading, it might be difficult to get MLB to approve such a sale and it’s unknown what sort of offer other potential buyers are making for the club. Without that sale going through soon, it’s unlikely Tribune will be able to avoid bankruptcy.