Frank McCourt has agreed to sell the Los Angeles Dodgers in a process that will be overseen by a federal bankruptcy court judge,
the
New York Times
reported.
He might continue ownership of the Dodger Stadium parking lot, the report noted.
McCourt, whose grandfather had owned a share in the Boston Braves, bought the team from Rupert Murdoch’s Fox Entertainment Group. Fox had acquired the Dodgers from the O’Malley family who had owned it for 47 years. McCourt “bought the team entirely with debt, some of it financed by Fox [and] added still more debt as the years passed,” the
Times
article said.
McCourt fired his wife, Jamie, as the team’s co-CEO after she filed for divorce.
“[Major League] Baseball asserts that McCourt siphoned $189 million from the team over seven years,” the
Times
article said.
The report noted that federal investigators have been looking into McCourt’s financial affairs. “[D]uring the McCourts’ divorce case it emerged that the couple had not paid taxes for a number of years,” the article said. (Source:
New York Times,
Nov. 2, 2011.)
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