• Reuters, Thursday, December 18, 2008 9:30 AM

To raise some much-needed cash, the New York Times Co. could sell its 17% stake in the Boston Red Sox baseball team for at least $200 million, say analysts and sports bankers. The Red Sox stake is a noncore asset and would be attractive to many buyers, despite the recession, because of the team's success and popularity.

The Times got its stake in the Red Sox in 2002 as part of a $700 million acquisition by a hedge fund that included Fenway Park and the New England Sports Network, a regional cable company.

Given the Red Sox strong finances, TV network holdings, stake in a NASCAR racing team and other assets, the team is now worth at least $1.3 billion, analysts say. The Times could sell its portion to partners in the ownership group, friends or family of those partners, or turn to outsiders. It could also sell multiple smaller stakes or retain a smaller share of the club.

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