Frank McCourt Agrees To Sell Bankrupt L.A. Dodgers

LOS ANGELES - (Mealey's) Frank McCourt, owner of the L.A. Dodgers baseball team, which is in Chapter 11 bankruptcy, announced yesterday that he had agreed to sell the team and its attendant media rights in a process supervised by the U.S. Bankruptcy Court for the District of Delaware (In Re:  L.A. Dodgers LLC, No. 11-12010, Chapter 11, D. Del. Bkcy.).

 

In a statement on the team's Web site issued Tuesday evening, McCourt said he made the decision because it was in the best interest of the team, the fans and the community at large. 

McCourt had been attempting to take the team out of Chapter 11 bankruptcy by selling future media rights to the club's games, despite objections from Major League Baseball (MLB) and FOX Sports.  MLB had asked the Bankruptcy Court to order the sale of the team and had accused McCourt of violating league rules by taking $190 million in team funds for personal use. 

McCourt's agreement to sell the club ends a two-year period marked by the end of his 29-year marriage to his former wife, Jamie McCourt, which then led to the team's bankruptcy filing and a fight in Bankruptcy Court as Frank McCourt and MLB disagreed over ownership of the team.

[Editor's Note:  Full coverage will be in the Nov. 16 issue of the LexisNexis Bankruptcy Report.  For all of your legal news needs, please visit www.lexisnexis.com/mealeys.] 

For more information, call editor James Cordrey at 215-988-7724, or email him at james.cordrey@lexisnexis.com.

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