According to a Reuters report the Chicago Cubs team may file for Chapter 11 in an effort to ensure the club and related assets are free of liabilities and more attractive to a buyer.
Tribune, which owns titles including the Los Angeles Times and the Chicago Tribune, filed for bankruptcy protection in December. The Cubs, however, were not part of that deal.
Tribune has recently been reported to be in talks with the Ricketts family who want to buy the club and its Wrigley Field stadium.
A stake in a regional sports cable network is also included in the $900m price.
There have also been reports of a second group interested in buying the club led by private equity investor Marc Utay.
J Joseph Ricketts is the founder and former CEO and chairman of TD Ameritrade, the largest online discount brokerage in the world, based in Omaha, Nebraska.
In 2007, Ricketts and his family ranked 161, according to Forbes Magazine, of the 400 wealthiest Americans, with a net worth of $2.6bn.
Cubs fans hope that a new buyer with cash will propel the National League baseball team to new glories.
The club has not won a World Series since 1908.
The Cubs are one of two Major League Baseball teams up for sale. The other is the American League team the Boston Red Sox who are owned by the New York Times.