McCourt’s reach divorce settlement, Frank retains ownership of the Dodgers
Jamie will be withdrawing her opposition to the Dodgers proposed sale of media rights
LOS ANGELES, Calif.—Frank and Jamie McCourt announced today that they have reached a divorce settlement over ownership of the Dodgers, ending what is believed to be the costliest marital split in California history.
“The terms of the settlement, which is already in effect, will remain private,” according to a joint statement issued by the McCourts. “Jamie will be withdrawing her opposition to the Dodgers proposed sale of media rights and instead will be filing papers in support of the process proposed by the Dodgers.”
Although terms of the settlement were not divulged, the Los Angeles Times reported that Jamie McCourt would receive about $130 million and relinquish any claim to a share of the team.
The accord also removes Jamie McCourt as an obstacle to Frank McCourt’s plan to retain ownership of the team by selling the Dodgers’ television rights in U.S. Bankruptcy Court. The media-rights issue is being debated in the team’s bankruptcy case in Delaware, with Frank McCourt going head-to-head with Major League Baseball Commissioner Bud Selig over the arrangement.
Selig has asked the Bankruptcy Court to order the Dodgers sold. For Frank McCourt to keep the team, he likely needs U.S. Bankruptcy Court Judge Kevin Gross to deny Selig’s request and to grant an auction of the Dodgers’ television rights, over the objections of Selig and Fox Sports.
However, in the absence of the divorce settlement, Frank McCourt could not have kept the team without defeating Selig in Bankruptcy Court, then defeating his ex-wife in divorce court on the issue of whether the Dodgers were community property.
It remains uncertain whether the Bankruptcy Court would allow McCourt to use money from a television deal to satisfy a divorce settlement—Selig refused to do so‚or whether the net proceeds of a sale of the team would exceed $130 million.
According to court filings reviewed by The Times, the McCourts incurred $20.6 million in legal bills related to the divorce through July.
Settling the dispute over whether the Dodgers were the sole property of Frank McCourt or community property could have added at least $14 million to those bills, based on estimates in a filing on behalf of Jamie McCourt, according to The Times.
LOS ANGELES, Calif.—Prominent Los Angeles religious leaders throw their support behind Dodgers owner Frank McCourt, saying they sent a letter to Major League Baseball Commissioner Bud Selig and urged him to approve a $3 billion deal between McCourt and Fox.
“As religious leaders in the Los Angeles community and lifelong fans of the game of baseball, we are writing to express our sincere displeasure with the manner in which the Los Angeles Dodgers and Frank McCourt have been treated by Major League Baseball,” according to the June 3 letter.
The new ownership of the Los Angeles Dodgers this week promised a fan-friendly, accessible and winning organization and announced an immediate $5 reduction in the $15 parking price.
New team president Stan Kasten also announced the establishment of an email address for fans to send suggestions—fanbox@ladodgers.com—along with a lot more opportunities for autographs.
The record $2 billion purchase of the team by Guggenheim Baseball Management from reviled former owner Frank McCourt became official on Tuesday.
LOS ANGELES, Calif.—The City Council today threw its support behind an effort to give Los Angeles Dodgers fans a chance to own the ball club.
The council approved a resolution calling on Congress to make such an ownership change possible. Councilwoman Janice Hahn, who is running for Congress and introduced the motion, said she is not proposing the city of Los Angeles take ownership of the team, but rather to let fans invest during a public offering.
LOS ANGELES, Calif.—Former Los Angeles Laker Magic Johnson said today he has joined a financial team in hopes of purchasing the Los Angeles Dodgers.
“Thrilled to announce that I’ve partnered with Mark Walter & Stan Kasten to form Guggenheim Baseball Mgmt in pursuit of purchasing the Dodgers!”
Johnson wrote on his Twitter page. “I’m excited to have the opportunity to be part of the Dodgers legacy & bring a World Series championship back to LA.”
LOS ANGELES, Calif.—A former president of the Texas Rangers was appointed by Major League Baseball today to oversee the day-to-day operations of the Los Angeles Dodgers.
J. Thomas Schieffer was an investor in an ownership group headed by George W. Bush that purchased the Rangers in 1989. Schieffer also served as U.S. ambassador to Australia from 2001-2005 and as U.S. ambassador to Japan from 2005-2009 when Bush was president.
