BOSTON -- The bidding for Boston's beloved Red Sox raced into high gear on Thursday after Staples Inc. said its chairman, Thomas Stemberg, would compete against other business moguls to buy a baseball team that has not won a championship in more than 80 years.

A Staples spokesman said Stemberg, who has made his fortune running the No. 2 office products retailer, has joined a bidding group that includes millionaire concessionaire Joseph O'Donnell, a friend of President George W. Bush, and mall developer Stephen Karp.

A controlling interest in the Red Sox could fetch as much as $300 million for the team, while giving the new owners a lucrative marketing tool.

The investment group that includes Stemberg will battle against other potential bidders that include EMC Corp. co-founder Roger Marino, Cablevision Systems Corp. founder and Chairman Charles Dolan and American Skiing Co. founder Leslie Otten.

Stemberg is considered a valuable member of his investment group because of his experience with the development of the Staples Center in Los Angeles. A spokesman for Stemberg said it would be premature to talk about naming rights for Fenway Park, the home of the Red Sox.

Before putting the team up for sale, the Red Sox proposed building a new $650 million stadium.

The Boston Herald reported on Thursday that Stemberg and Connecticut businessman Craig Stapleton, a Bush family cousin, are expected to be limited partners in the investment group. Karp and O'Donnell are expected to be general partners.

O'Donnell is a friend of President Bush, who was part of the Texas Rangers' ownership before becoming governor of Texas. Stemberg also brings deep pockets to the investment group, controlling about 7.5 million shares of Staples stock worth about $113 million at the close of trade on Tuesday.

Sale of the team by the Yawkey Trust is not expected to be finalized until after the end of Major League Baseball's current season in October. The Red Sox in March said they hired FleetBoston Financial Corp. and Salomon Smith Barney to oversee the sale of the Yawkey's 53 percent stake.

Despite a rash of injuries to its star players, the Red Sox remain in contention for first place in the American League East division behind the New York Yankees. The last championship season for the Red Sox was 1918.