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(Updates with settlement amount in fifth paragraph.)
Oct. 17 (Bloomberg) -- Los Angeles Dodgers owner Frank McCourt and his ex-wife settled their divorce and Jamie McCourt will withdraw her opposition to a proposed sale of the media rights of the Major League Baseball team.
“The terms of the settlement, which is already in effect, will remain private,” Frank and Jamie McCourt said today in a joint statement.
Jamie McCourt said in a separate statement that she’s giving up her in interest in the team.
“From the beginning, Jamie has consistently expressed her willingness to accept a settlement, even if it required her to give up her interest in the Dodgers, the team she loves, if a fair resolution were possible,” she said in the statement. “That has now been achieved through the cooperation of everyone involved.”
Jamie McCourt will relinquish her claim to be co-owner of the team in exchange for about $130 million, according to a person familiar with the matter who didn’t want to be identified because the settlement isn’t public.
The Dodgers filed for bankruptcy in June after Major League Baseball Commissioner Bud Selig named a monitor to oversee the team’s day-to-day operations and rejected a proposed television- rights deal with Fox Sports. The team said it faced a temporary cash crisis that would be resolved once it sold the TV rights.
Selig has asked U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, to strip McCourt of his exclusive right to reorganize the Dodgers so MLB can try to sell the team.
Frank McCourt last year lost a trial over the validity of a post-nuptial agreement he claimed made him the sole owner of the Dodgers. Los Angeles County Superior Court Judge Scott M. Gordon ruled that the 2004 agreement McCourt and his ex-wife made when they bought the Dodgers and moved to California couldn’t be enforced.
Robert Siegfried, a Dodgers spokesman, declined to comment on the settlement.
The divorce case is McCourt v. McCourt, BD514309, California Superior Court (Los Angeles County). The bankruptcy case is In re Los Angeles Dodgers LLC, 11-12010, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--With assistance from David McLaughlin in New York and Nora Zimmett in Los Angeles. Editors: Peter Blumberg, Glenn Holdcraft
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