Over the past six months, Frank McCourt saw his team's operations taken over by the MLB, stood by as the league rejected a 17-year TV contract with Fox for the Dodgers, and subsequently filed for bankruptcy protection when he realized he was in trouble. On Tuesday, he finally came to terms that the Los Angeles Dodgers were no longer his to own. According to ESPN, a court-supervised process headed by The Blackstone Group LP will begin to ensure that the sale of the team, the stadium, media rights, and added real estate will go smoothly.
The ownership, which lasted over seven years, began in February 2004 when McCourt used loans to fork out $420 million to NewsCorp. According to reports, the club will now sell for upwards towards $1 billion. After the numerous personal issues that the McCourts have gone through, including one of the most ugly divorces in sports history, and the 21 percent drop in home attendance, it is clear that this move is what the fans want.
Dallas Mavericks owner Mark Cuban, who has previously looked into purchasing the Chicago Cubs and Texas Rangers, has already mulled over the prospect of buying the Dodgers, but was turned off by the high asking price. Keep trying Mark! We'd all love to see what you can do for a baseball team. [via ESPN]