CHICAGO — Tribune Co. has chosen a favorite among three finalists to buy the Cubs, according to the Chicago Tribune, and appears to be winding down a lengthy search for a new owner.

The paper, citing a source close to the situation, reported that the company gave the recommendation to a creditors committee in its bankruptcy case as a courtesy, although the committee has no veto power over the sale of the Cubs and Wrigley Field. The report did not say who the favorite was or how much the prospective owner has offered.

Cubs chairman Crane Kenney and Tribune spokesman Gary Weitman declined comment today.

The Cubs have been on the market since opening day 2007, when real estate magnate Sam Zell bought out Tribune. Since then, Tribune has slowly trimmed the list of potential buyers to three finalists who were identified in various media reports as:

— Tom Ricketts, a Chicago financier, member of the founding family of TD Ameritrade Holding Corp., and chief executive of InCapital LLC;

— Hersch Klaff, who owns a Chicago commercial real estate firm;

— A partnership between two New Yorkers involved in private equity, Marc Utay of Clarion Capital and Leo Hindery Jr. of InterMedia Partners.

Any deal between Tribune and a prospective buyer would have to be approved by Major League Baseball's ownership committee and then be voted on by all the league's owners.