“Frank McCourt has agreed to sell the Dodgers, surrendering the team he fought to retain for two years and in two courts,” according to the L.A. Times.
“McCourt and Major League Baseball have agreed to seek approval from the U.S. Bankruptcy Court for an auction of the Dodgers, according to a joint statement issued late Tuesday night. The sale is expected to include the team, Dodger Stadium and the surrounding parking lots, a package bought by McCourt for $421 million in 2004 and likely to sell now for two to three times as much.
“‘The Los Angeles Dodgers and Major League Baseball announced that they have agreed today to a court-supervised process to sell the team and its attendant media rights in a manner designed to realize maximum value for the Dodgers and their owner, Frank McCourt. The Blackstone Group LP will manage the sale process,’ the statement read in its entirety.”
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