The New York Times is aggressively courting buyers for its stake in the Boston Red Sox baseball team and potentially the Boston Globe newspaper in a transaction that could attract bids worth $200m-$225m, according to a person familiar with the matter.

The Times, which has been rumoured to be exploring asset sales for months, faces a cash shortage next May when a $400m credit facility matures and revenue from continuing operations falls amid a severe advertising decline that has ravaged publishers in the US.