UPDATE 3-Chicago Cubs talks reopen with rival bidder-sources

* Tribune reopens talks for Cubs with Utay/Hindery group

* Talks with Ricketts, bidder tapped in January, ongoing

* Some see reopened talks as way to pressure Ricketts

* Value of Ricketts' $900 million deal under negotiation
(Adds background)

By Ben Klayman and Megan Davies

CHICAGO/NEW YORK, June 18 (Reuters) - Talks to sell the
storied Chicago Cubs baseball team have reopened with a rival
bidding group, and are continuing alongside negotiations with
the original Ricketts family buyers, sources familiar with the
situation said on Thursday.

Bankrupt media company Tribune Co (TRBCQ.PK), owner of The
Los Angeles Times, has been trying to sell the Cubs for more
than two years to reduce its debt burden. It agreed in January
to sell the prized team and other assets for $900 million.

An exclusivity period between Tribune and the Ricketts
group has ended and the media company is now talking to a group
that includes private equity investors Marc Utay and Leo
Hindery, three sources familiar with the situation said.

"We know that they went back to the Utay group," said one
of the sources, who asked not to be identified because the
sales process has not closed.

Spokesmen for Tribune Co and Tom Ricketts, who is leading
his family's bid, said their talks are ongoing and Ricketts
spokesman Dennis Culloton described them as positive. Utay and
Hindery declined to comment.

Sports franchises' values have been hurt by the recession
and tighter credit markets as analysts had expected the Cubs to
draw bids topping $1 billion.

Buyers are eager to take control of the National League
team, which despite not winning a World Series title since 1908
has a huge fan base helped by its "lovable losers" image and
national exposure on cable TV.

Tribune Co, which also owns the Chicago Tribune, filed for
bankruptcy in December due to its heavy debt load and the weak
U.S. publishing sector. It put the Cubs, the team's famous
Wrigley Field home and a 25 percent stake in a local sports TV
network on the block in April 2007, when Tribune agreed to an
$8.2 billion buyout led by real estate magnate Sam Zell.

Tribune Co agreed in January to sell the Cubs to a group
led by Tom Ricketts, chief executive of Chicago investment bank
Incapital LLC and son of the founder of TD Ameritrade Holding
Corp (AMTD.O).

However, the deal with Ricketts was not finalized before an
exclusivity period ended. Several sources said that Tribune and
Zell are now able to negotiate with other buyers.

"It is crystal clear that he's talking to others and the
outcome's not determined," a second source said. "Until someone
has signed a purchase agreement, anything is possible."

Tribune Co and its banker, JP Morgan, have entered into
formal talks with the Utay/Hindery group and a deal could be
reached late next week, a third source said.

However, others said the re-emergence of the Utay/Hindery
group, which finished just shy of the Ricketts' offer in
January, also could be Tribune Co's way to pressure Ricketts
into settling on terms desired by the media company. Two
sources described the sides as on the verge of a deal.

"That's just a way to keep the fire on the Ricketts," the
first source said. "The Ricketts have never been closer to
getting a deal done."

While the Ricketts group has lined up its financing,
sources previously told Reuters that the sides have been unable
to reach agreement on the value of Cubs' broadcast contracts.
(Reporting by Ben Klayman and Megan Davies; Editing by Lisa
Von Ahn, Maureen Bavdek and Matthew Lewis)