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Frank McCourt Agrees To Sell The Dodgers To The Highest Bidder

| Filed under: Legal MattersBaseball

Frank McCourt selling team

Frank McCourt's Dodgers dilemma is beginning to come to an end, but probably not in the way he wanted.

After fighting with the MLB and bankruptcy courts to retain the team he purchased in 2004, the owner has decided to sell the team.

According to a joint statement on behalf of the team and league issued on Tuesday night:

"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."

That maximum value could be two or three times the $421 million McCourt originally spent for the team.

He's not making out too bad!

Then again, sources say McCourt will need the team to sell for at least $1 billion in order to break even after paying off debts, taxes, and of course, his wife's $130 million divorce settlement!

Baseball is crossing their bats that a new owner will be in place by next seasons opening day. Good luck!

[Image via AP Images.]

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