The Chicago Cubs may bring their “lovable losers” moniker to a whole new level as the ballclub is considering becoming the first team in almost 40 years to file for bankruptcy protection.

The franchise’s parent company, Tribune Co., is considering putting the Cubs into bankruptcy proceedings as a way to speed up the team’s estimated $900 million sale, a person familiar with the plan confirmed to FOX Business.

“It is an option that is under consideration. It amounts to what would be a potential way of clearing the team from any other liabilities and claims. It could be a relatively short process,” a person familiar with the matter told FOX Business.

Talk of a potential bankruptcy filing was first reported by Bloomberg News.

Tribune, which also owns the Chicago Tribune and is run by Sam Zell, filed for Chapter 11 bankruptcy protection in December but did not include the Cubs in the filing.

Contrary to recent media reports, Tribune said it has not yet reached a concrete deal to sell the Cubs, which is one of baseball’s most popular and valuable teams.

“We have not reached an agreement on terms with anybody,” a Tribune spokesman told FOX Business.

A Cubs spokesman referred media inquiries to Tribune.

Putting the 133-year-old Cubs into bankruptcy proceedings would be aimed at ensuring the franchise isn’t tied down by liabilities related to Tribune’s bankruptcy. Zell pledged Tribune’s stake in the Cubs as collateral when he negotiated the deal to take the company private in 2007, Bloomberg reported.

A Cubs bankruptcy filing would not affect the team’s baseball operations, a person familiar with the matter told FOX Business.

Some bankruptcy experts told Bloomberg the entire bankruptcy process could take as little as 20 days and be accompanied by a motion to sell the team to an agreed-upon bidder.

The talks of a possible Cubs bankruptcy come months after the National Hockey League’s Phoenix Coyotes filed for Chapter 11 in a process that has become bogged down in court. 

No MLB team has filed for bankruptcy since the Seattle Pilots in March 1970, Bloomberg reported, citing Jim Gates, librarian at the National Baseball Hall of Fame and Museum.

A Cubs bankruptcy filing would be the latest negative development for Zell, who said he erred by acquiring Tribune, which has been slammed by the downturn in the newspaper industry.