Chicago Cubs consider outside investors

Cubs' Ricketts talks renovating Wrigley

Investors seeking to diversify their portfolio might consider stepping up to the plate—both figuratively and (almost) literally, as Major League Baseball's Chicago Cubs are looking for investment partners, the team's ownership told CNBC on Thursday.

Though the 107-year-old baseball squad—affectionately known as the "Lovable Losers"—has just two World Series titles, dating back to 1907 and 1908, the team does seem to be profitable. The Ricketts family of Chicago purchased the team from the Tribune Co. in October 2009 for roughly $850 million. Today, Forbes values the Cubbies at about $1.2 billion.

Chicago Cubs owner Tom Ricketts, before a game at Wrigley Field.
Brian D. Kersey | Getty Images

Co-owner Thomas S. Ricketts told "Squawk on the Street" the team is looking for investors to help finance upgrades to Wrigley Field. The stadium, built on Chicago's north side in March 1914, is the MLB's second-oldest ballpark. By the way, the oldest is Fenway Park in Boston, built in April 1912.

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"It's well over $300 million to fix Wrigley and save it for the next generation and most of that is steel, concrete, electrical and plumbing. I mean, that's what the ballpark needs the most," Ricketts told CNBC's Rick Santelli in an interview from the floor of the Chicago Mercantile Exchange. "With respect to the financing, we're going to look at all the options that are on the table and see what makes the most sense."

It's not uncommon for MLB teams to seek outside funding, either, Ricketts added.

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"That's the way most baseball teams are done. Most baseball teams have several dozen limited partners," Ricketts said. "I think if we could find a handful of guys that are great partners, value added, you know, people in the organization, that would be the best answer for us."

—By CNBC's Drew Sandholm.