UPDATE 3-Real estate exec Klaff bids for Chicago Cubs-sources

(Adds Tribune no comment in paragraph 6)

By Ben Klayman

CHICAGO, July 21 (Reuters) - Real estate executive Hersch Klaff is one of the bidders for the Chicago Cubs baseball team in an auction that could top $1 billion, two sources familiar with the process said on Monday.

Klaff, president of Chicago-based Klaff Realty LP, heads one of at least 10 groups bidding for the team, according to the sources, who asked not to be identified because the sales process is ongoing.

Tribune Co, which also owns the Chicago Tribune and Los Angeles Times newspapers, is selling the Cubs, as well as the team's storied ballpark, Wrigley Field, and a stake in a regional sports television network.

The asset sales are part of a move to cut debt that the company took on when it went private in an $8.2 billion deal led by real estate magnate Sam Zell.

Bidders are anxious to take control of the team, which is in first place in its division and in contention for its first World Series title since 1908. The Cubs are nationally recognized due to its history as lovable losers and its national exposure on cable television.

Klaff could not be reached for comment, and a Tribune spokesman declined to comment.

The initial first-bid deadline, when groups submitted indications of interest, was on Friday.