Major League Baseball and embattled Los Angeles Dodgers owner Frank McCourt have agreed to a unique structure for the auction of one of the game’s most-storied franchises. Under a deal hammered out during two weeks of intense negotiations last month, MLB won’t oppose McCourt and his advisers’ efforts to solicit separate bids for the team and the future media rights to its games, according to people familiar with the talks.
A deal between Major League Baseball and embattled Los Angeles Dodgers owner Frank McCourt to auction the storied franchise to the highest bidder sets up what will likely be a record sale for a U.S. sports team with the Dodgers expected to fetch $1.2 billion to $1.5 billion.
Major League Baseball has moved to seize control of the Dodgers, a famed franchise that fans and much of the baseball world had come to see as crippled by an owner who does not appear to have enough money to operate the team. The move was prompted by a number of issues, including owner Frank McCourt‘s recent receipt of $30-million personal loan from former owner Fox to meet payroll.