Los Angeles Dodgers owner Frank McCourt and Major League Baseball reached an agreement late Tuesday night to sell the team.
The two sides made the announcement in a joint statement that stated they agreed to a “court supervised process to sell the team.”
The entire statement reads: “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.”
According to the Los Angeles Times, MLB is looking to have a new owner in place by Opening Day next year.
McCourts decision comes after the embattled owner has fought through legal troubles and his filing for bankruptcy protection.
The Dodgers and MLB were scheduled to meet in U.S. Bankruptcy Court in Delaware at the end of November, when mediation for both sides was set to open.
Major League Baseball announced in April that the league was taking over control of the franchise because of concerns over payroll and how the team was being run. MLB’s take over of day-to-day operations came at a time when the Dodgers and Fox were negotiating a $30 million loan to help with the team’s payroll. The move, just weeks into the 2010 season, was called “irresponsible” by McCourt’s vice chairman.
That TV deal was rejected by the league a few months later, and in June, McCourt filed for bankruptcy protection. The deal with Fox reportedly would’ve been a 17-year contract.
McCourt took over the team seven years ago, and saw his team advance to the postseason four times. But the owners legal woes and much publicized divorce overshadowed the club.
In October, Jamie McCourt worked out a deal with her ex-husband to settle their dispute.