• by David Goetzl  @dgoetzl, March 10, 2009

Looking for every source of revenue it can find, a leading station group hasn't hit a home run, but probably a weak single. Hearst-Argyle has a deal in place to sell its microscopic stake in the Arizona Diamondbacks baseball team.

The sale of its 1.7% share has not been finalized, but is expected to close by April 1. The operator of 29 stations expects to receive $2.25 million from the divestiture, according to a recent government filing.

It is unclear who the prospective buyer is, and a company representative declined comment.

The station group's eagerness to sell its stake after a money-losing 2008 is another signal of just how challenging the station business has become. Hearst-Argyle might have received more for its share a year ago--or at some other point since 1999--before the value of professional sports teams dropped in line with the economy.

A year ago, Forbes estimated the Diamondbacks' worth at $379 million, which would have valued Hearst-Argyle's stake at $6.4 million. Curiously--since it is a non-core asset, to say the least-- the station group has held onto its share in the team for a decade.

Two other struggling media companies are looking to exit the sports-ownership business, although with more on the line than Hearst-Argyle. The Tribune Co. appears to be close to unloading its majority stake in the Chicago Cubs, while The New York Times Co. hopes to sell its approximately 18% ownership of the group that runs the Boston Red Sox.

Hearst-Argyle's 1.7% stake in the Diamondbacks was acquired as part of its 1999 purchase of nine TV stations and a small group of radio outlets from Pulitzer Publishing Corp. The share in the National League team was intermingled, since three of the radio stations were in Phoenix and one broadcast the team's games.

Hearst-Argyle later sold the radio stations to Emmis Communications, but held onto the Diamondbacks' position.

From time to time, the Diamondbacks' ownership has called on its investors to make a cash contribution to fund expenses, including players' salaries. In 2008, the value of Hearst-Argyle's stake was only slightly more than what the team's starting catcher made.