NEW YORK—Bidders for the Chicago Cubs have until Dec. 1 to submit offers, Major League Baseball said Wednesday after a meeting of its ownership committee.

Bob DuPuy, baseball’s chief operating officer, said representatives of four bidders have met in New York in recent weeks with officials from the commissioner’s office, MLB’s Internet company and the sport’s new television network.

The team was put up for sale in April 2007 when Tribune Co., the Cubs’ owner, announced it was being acquired by real estate developer Sam Zell. DuPuy said the latest deadline was set by the...

Log-In to view full story or view our Registration Guide.