UPDATE 1-Bids for Cubs baseball team submitted

(Rewrites first sentence, adds details on groups, background)

By Ben Klayman and Megan Davies

CHICAGO/NEW YORK, July 18 (Reuters) - The first bids for the storied Chicago Cubs baseball team and related assets were submitted on Friday in an auction that could fetch more than $1 billion, according to a source close to the process.

At least 10 potential owner groups have been approved by Major League Baseball to bid on the Cubs, as well as its home ballpark, Wrigley Field, and a stake in a sports TV network.

The source, who asked not to be identified because the sale process is continuing, submitted an indication of interest for all three assets.

Tribune Co, which owns the Cubs as well as the Chicago Tribune and Los Angeles Times newspapers, is taking bids on any combination of the Cubs-related assets in an effort to maximize its return. It is selling the team and other assets to pay down billions of dollars of debt it took on when it went private in an $8.2 billion deal led by real estate magnate Sam Zell.

The media company failed to reach a deal to sell Wrigley Field to the state of Illinois.

The Chicago Sun Times reported on Thursday that 20 bids have been submitted for Wrigley Field alone, including one from Oak Brook, Illinois-based Inland Real Estate Corp (IRC.N: Quote, Profile, Research, Stock Buzz), which operates shopping centers located mostly in the Midwest. An IRC spokesman declined to comment.

A second source familiar with the situation said at least 10 bids were expected for the three assets, and another 10 to 15 for Wrigley alone.  Continued...