Frank and Jamie McCourt reach divorce settlement

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Frank and Jamie McCourt reach divorce settlement
LOS ANGELES, CALIFORNIA (BDCi) – Frank and Jamie McCourt have reached a divorce settlement under which she would get $130 million and relinquish control over the Los Angeles Dodgers, multiple people familiar with the agreement told the LA Times.

The settlement removes Jamie as an obstacle for Frank to try and retain ownership over the team. He is trying to save the team by sell its’ television rights in U.S Bancruptcy Court. It now sets up a showdown between Frank McCourt and Major League Baseball Commissioner Bud Selig.

The settlement is not finalized yet but such a settlement would be the costliest divorce in California history.

The McCourts incurred $20.6 million in legal bills related to the divorce through July, according to Los Angeles Superior Court filings by each party. In order to settle the dispute over whether the Dodgers are Frank McCourts or community property could have cost an additional $14 million dollars.

Selig has asked the Bankruptcy Court to order the Dodgers sold. For Frank McCourt to keep the Dodgers, he probably 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.

By: Natania Levine
Courtesy: LAtimes.com\
Photo: LAtimes.com\
17 October 2011
10:29 a.m P.D.T

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