The New York Times faces an uphill battle as it attempts to rid itself of a minority stake in the Boston Red Sox baseball team – one of the most valuable US sports franchises – and considers whether to sell the Boston Globe, people studying the assets say.

Bids have yet to come in for the 17.75 per cent stake in the baseball team and a related broadcasting business, and strong interest from local investors suggests that valuations may improve when bidders see full financial details.