We haven't written anything about the Frank and Jamie McCourt divorce in quite awhile. The last time we did we talked about how the notion of a simple, affordable, divorce in the case was an impossibility. That's been borne out in the slew of legal battles that have been waged since January as baseball fans in Pennsylvania and across the country watched.
The major elephant in the room throughout the proceedings has been the fate of the Los Angeles Dodgers. McCourt bought the Major League franchise in 2004. It subsequently became something of a family business with Jamie McCourt holding the position of CEO.
When the couple filed for divorce, a contest over whether the team was his or theirs developed, snarling efforts to finalize their split. Adding to the confusion was a decision by McCourt in June to take the team into bankruptcy. That triggered demands from Major League Baseball that the bankruptcy court allow the team to be sold.
Both cases have now reached settlement. On the divorce side, McCourt agreed to pay his ex-wife $130 million. Today we learned that McCourt has agreed to the court-supervised sale of the Dodgers.
To put the issue into the context of non-affordable divorce, consider the following from news reports. The sale by auction is expected to include the team, Dodger Stadium and its parking lots. It's estimated that McCourt will need to get at least $1 billion for the lot just to break even.
From the aspect of non-simple, there's the time pressure. Major League Baseball is hoping to get new owners for the team in place by opening day of the coming season. That's about the same deadline that McCourt reportedly is facing for paying what he owes to his ex.
Source: Los Angeles Times, "Frank McCourt agrees to sell Dodgers," Bill Shaikin, Nov. 1, 2011
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