After a months-long battle over the fate of one of baseball's iconic franchises, beleaguered owner Frank McCourt has finally agreed to sell the Los Angeles Dodgers. Major League Baseball announced the deal late last night, ending a bitter dispute that sent the team into bankruptcy and caused loyal fans to revolt.
According to the Los Angeles Times, the sale will supervised by the bankruptcy court and will include the team, Dodger Stadium, the surrounding parking lots, and all the other assets owned by McCourt. The league had seized control of the team's operations earlier this season, accusing McCourt of siphoning millions of dollars away from the Dodgers for his own personal use, including paying for his ongoing legal battle with ex-wife, Jamie.
The sale will likely set a record for the highest price ever paid for an MLB franchise. Forbes estimates the team to be worth about $800 million, but McCourt was offered $1.2 billion for them earlier this year and if a bidding war develops (there are several suitors that have expressed interest) the price could go even higher. Before MLB attempted to take over the team, McCourt had negotiated a local TV rights deal with Fox worth $3 billion over 20 years, proving that the Dodgers are still one of the hottest commodities in sports.