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CBS 2's Derrick Blakley, Howard Sudberry, Alita Guillen and the Associated Press contributed to this report.
CHICAGO (CBS) ― The Tribune Company announced Monday they plan to sell the Cubs following the 2007 baseball season.

The announcement came just after it was revealed that billionaire investor Sam Zell was buying out the company for $8.2 billion.

Analysts have estimated that the Cubs could fetch $600 million or more. Tribune bought the team in 1981 for $20.5 million.

"The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "In our last season of ownership, the team has one mission, and that is to win for our great fans."

Tribune said the company's 25 percent interest in Comcast SportsNetChicago would be part of the sale package.

The sale is subject to the approval of Major League Baseball and is expected to be completed in the fourth quarter of 2007.

Speculation that the struggling company might sell the Cubs ramped up last fall when it put itself up for possible sale, under pressure from disgruntled shareholders. It intensified with the club's offseason spending spree, including signing outfielder Alfonso Soriano to an eight-year contract for $136 million -- the fifth-richest contract in the history of Major League Baseball.

Tribune had said for months that it would focus first on a sale of the entire company before considering selling individual pieces, which also include 23 television stations and 11 newspapers, including the Chicago Tribune, Los Angeles Times, Newsday and eight other dailies.

That sale was announced Monday morning when it said it had agreed to a complex deal in which Tribune will go private and billionaire Zell will invest $315 million in the deal.

As CBS 2's Alita Guillen reports, before the sale of the Cubs, ownership of the publicly traded company will go private. Current share holders will receive $34 a share and Zell will use an employee stock ownership plan to finance the buyout.

"If the company does well, employees would bear a big piece of that risk," said Greg Meyer of Crain's Chicago Business.

In Cincinnati on Monday morning, Cubs General Manager Jim Hendry spoke with CBS 2's Howard Sudberry about the players' reaction to news of the impending sale.

"I was very pleased with the players' reaction," Hendry said. "They obviously know they've been treated very well here by the Tribune Company." He added that the Tribune Company had "provided us with a lot of avenues to be successful."

"It's not going to be a distraction," Hendry said.

He added that the team has a good relationship with his players which he expects will continue.

"The players have proven they like to stay here," Hendry said. "We don't go to arbitrations, we don't lose many of our free agents."

Cubs President John McDonough said the mission has not changed for the Cubs, which has not won a World Series in 99 years.

"The goal is to win a World Series for our great fans," he said. "Under the leadership of Lou Piniella, we are on track and believe 2007 will be a very successful season."

The statement continued: "We have been informed that a change in ownership will not occur until after the 2007 season and that will help us maintain our focus on the day to day operation of the Chicago Cubs. Tribune Company has provided tremendous support and resources which have dramatically improved our team over the past several years. We expect that support to continue through 2007 as we pursue a championship for our incredibly loyal fans."

The Cubs' strength as a sports franchise -- and the lure of potentially steering them to their first championship in a century -- has attracted the interest of many potential buyers. Billionaire entrepreneur Mark Cuban, actor Bill Murray and columnist George Will are among those rumored to have interest, along with numerous Chicago business figures.

"Anybody that owns the Cubs except the Tribune is good for me," said Cubs fan Nathan Eisenberg.

"I think it's great. Maybe they'll move in a new direction," said fan Krissy Anderson.

The last time the Cubs changed hands was in 1981, when ownership moved across Michigan Avenue, from the Wrigley Company to Tribune Tower for $20 million.

As CBS 2's Derrick Blakley reports, all the speculation raises the question: How much are the Cubs worth today?

"Are they worth a lot?" asked Cubs fan Hannah Greening. "Judging by last season, I don't think so."

Last year, Forbes magazine priced the cubs at $448 million.

Anderson Economic Group, a local consulting firm, on Monday put the tab at $600 million.
But Marc Ganis, a Chicago sports consultant, predicts the Cubs will bring much more.

"Something north of $800 million and likely exceeding a billion dollars," he estimated.

And if there's one man fans want as the new owner, it's bad boy billionaire Cuban. He turned the Dallas Mavericks into an NBA force.

Ganis predicts if it's not Cuban, it will be someone like him.

"Someone who loves the game and is passionate about it," he said.

Jerry Colangelo, chairman of the NBA's Phoenix Suns and former owner of both the Suns and baseball's Arizona Diamondbacks, told The Associated Press in November that he would have "great interest" in buying his hometown baseball franchise if it became available and had already held preliminary discussions with others who might join him in a bid.

Others who expressed interest in buying the Cubs recently include Chicago businessman Don Levin, owner of the Chicago Wolves minor-league hockey team, and a prospective ownership group of 15 investors that includes Tom Begel, chairman of Chicago-based TMB Industries.

The Tribune Company has owned the Cubs since 1981, when it purchased the team from the Wrigley family.

The Cubs were on the road Monday and opened the season against the Cincinnati Reds.

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