Wednesday, November 2, 2011

Los Angeles Dodgers are sold

The agreement also includes the sale of the rights of the team in the media to "maximize the value of the Dodgers and his owner, Frank McCourt," according to a joint statement.

Blackstone Group LP will handle the sales process.

The agreement ends a tumultuous year for the Dodgers and the permanence of McCourt.

The April, the board of the majors took the extraordinary step of taking control of the Dodgers, a team increasingly paralyzed by McCourt bitter divorce from his wife, Jamie, who served as executive director of the team until he dismissed in 2009.

The Dodgers in June welcomed the protection of a bankruptcy court as provided for in Chapter 11 of the Bankruptcy Act, after McCourt said the rejection of commissioner Bud Selig for a rights agreement on what the media left him without the resources to meet the team's payroll.

McCourt and Selig had an appointment to testify in court this week, but the court adjourned to allow the process to continue the talks.

The new owner would be the third since Peter O'Malley sold the team to News Corp. in 1998. The Dodgers had remained in the family since Walter O'Malley.

O'Malley moved the team from Brooklyn to Los Angeles in 1958.

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