The sale, which could give the 'Times' desperately needed cash as newspaper advertising revenue falls and its debt payments loom, could involve its 17.5 per cent stake in New England Sports Ventures and possibly the struggling 'Boston Globe' daily newspaper, the Journal reported.

New England Sports Ventures owns the Red Sox, the Fenway Park baseball field where the team plays, and most of the cable network that shows their games.

A 'New York Times' spokeswoman declined to comment.

The Journal report comes on the same day that the Times Co reported a 20 per cent drop in advertising revenue in November, compared with the same period last year.

'The Times' has said that it is evaluating the future of its assets, which also include online encyclopedia About.com and several daily newspapers throughout the United States, as it tries to meet its debt obligations and cut its borrowing.

Debt is proving difficult for many US publishers to handle because they are bringing in less cash to make them able to meet their obligations. This is partly because of the fading relevance of printed newspapers to people now used to getting news for free online. The world financial crisis has only worsened the ad sale declines.

'The Times' could raise at least $200 million if it sold its stake, analysts and sports bankers said earlier this month. The team, while not central to the Times' business, could be attractive to many buyers despite the recession because it is popular with fans.

Other baseball teams are up for sale as well, including the Chicago Cubs, which is owned by Tribune Co, the privately held newspaper publisher that filed for bankruptcy this month.

'The Times' got the Red Sox stake in 2002 as part of a group led by hedge fund manager John Henry that bought the team, Fenway Park and an 80 per cent stake in the New England Sports Network. The price for the deal was $700 million, including debt. The network also includes a NASCAR auto-racing team.