(CBS) Famous business investor Warren Buffett, the world’s fourth-richest individual, is interested in buying a minority share of the Chicago Cubs, Forbes.com and Crain’s Chicago Business reported.

Buffett previously was a minority owner of the Omaha Storm Chasers, a minor league baseball team, before he sold about two years ago, Forbes.com reported.

News broke Thursday night that the Ricketts family, owner of the Cubs, is considering selling minority shares to individuals to help finance a $300 million renovation of Wrigley Field. Cubs chairman Tom Ricketts said if the team takes that route, it’d be looking for “just a handful of small, committed investors to put in a relatively large investment.”

Forbes.com also reported that it’s unclear how many other potential investors have contacted the Cubs, but interest in the team is “expected to be hot,” according to one of their sources.

The Cubs are valued at $1.2 billion.

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