The buyer would include some of the current owners but not Chuck Hildebrant, who is the focus of a federal investigation over how he obtained financing to build a new stadium, said John Schuh, the lawyer for Northern Kentucky Professional Baseball LLC.

The club's assets include some equipment and bank accounts, but also contracts such as the Frontier League franchise, the value of which has not been determined.

Schuh wouldn't identify the new investors. He said the sale would pay off some, but not all, of the nearly $9 million the team owes banks and contractors.

But it would allow the team to emerge from the Chapter 11 bankruptcy the club filed Sept. 3 and allow the Freedom to play next year in its stadium overlooking Interstate 75.

"The object is to sell the assets of the (baseball team) to a new entity that would put a team on the field in the spring," Schuh said Monday.

The filing this weekend in U.S. Bankruptcy Court revealed several new aspects of the Freedom's financial condition, including:

• The Freedom lost nearly $182,000 on operations last season, with total revenue of $686,330. The biggest expenses were $127,199 for salaries and $197,617 for rent at Champion Window Stadium. It has not made that lease payment.

• Champion Window Manufacturing & Supply hasn't paid the latest $25,000 installment on its naming rights agreement because the Freedom did not build a sign overlooking the interstate as promised and did not pay Champion for thousands of dollars in work on the stadium, said Don Jones, a Champion vice president.

The original deal called for Champion to pay $100,000 each of the first three years and $150,000 each of the next three years.

"We're kind of waiting to see what happens," Jones said. "If there are new owners and they have an interest in us naming the field, then we'd probably be interested in that."

• Northern Kentucky Professional Baseball LLC paid $520,000 to buy its Frontier League franchise in March 2003.

• Chuck Hildebrant resigned as managing member of the club July 6, and his wife, Connie, resigned as general manager July 29.

Chuck Hildebrant earlier had told the other owners that there were cost overruns on the stadium ranging from $300,000 to $500,000, but the problems were "grossly underestimated or underreported," Schuh wrote.

• Two of the Freedom's other owners loaned money to the club to help pay expenses. Tom Niehaus loaned the club $100,000, and Bob Klensch, whose ownership comes through More Hits LLC, gave about $350,000 to help pay off six contractors.

• The stadium needs up to $1.2 million in work to be completed.

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Enquirer staff writer Brenna R. Kelly contributed to this report. E-mail cpeale@enquirer.com