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Frank McCourt Selling the Dodgers

Owner, MLB agree to auction
By Evann Gastaldo,  Newser Staff
Posted Nov 2, 2011 6:00 AM CDT

(Newser) – Frank McCourt will auction off the Dodgers, marking an end to a particularly turbulent season that included a high-profile beating, a lawsuit related to the beating, a near-takeover by Major League Baseball, and a bankruptcy filing—not to mention a disappointing record and less-than-stellar ticket sales. McCourt and the MLB agreed to a sale, which will be supervised by US Bankruptcy Court, they said in a joint statement last night. McCourt bought the team, the stadium, and parking lots for $421 million in 2004; it is expected to go for two to three times that amount.

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McCourt had been fighting to maintain ownership of the team ever since announcing his messy divorce in 2009. He has now settled in both bankruptcy court and divorce court; his ex-wife had claimed half-ownership of the team, and he settled with her for $130 million. He ultimately decided that selling the team was a better option than going into a bankruptcy trial, a source tells the Los Angeles Times. Potential bidders include Dallas Mavericks owner Mark Cuban, Chicago White Sox executive Dennis Gilbert, and former Dodgers players Steve Garvey and Orel Hershiser. (Read more Frank McCourt stories.)

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