Baseball, Frank Mccourt | featured news

A federal grand jury is investigating possible criminal financial misconduct of the Dodgers and related entities during the ownership of Frank and Jamie McCourt, a person familiar with the matter told The Times.

The Los Angeles Dodgers, one of the most successful franchises in Major League Baseball, ushered in a new era of ownership Wednesday while ending a dismal chapter of ownership under Frank McCourt, who baseball's commissioner described as "looting" the club of $190 million to fund an extravagant lifestyle.

Guggenheim Baseball L.P. is paying $1,587,798,000 in cash and assuming debts of no more than $412,200,000 to buy the Dodgers from Frank McCourt, according to documents filed Friday afternoon in U.S. Bankruptcy Court.

Frank McCourt has agreed to sell the Dodgers, abruptly surrendering the team after fighting to retain it over two years and in two courts.

The all-cash bid comes from Bill Burke, founder of the L.A. Marathon, plus 'state-owned investment institutions of the People's Republic of China' and unidentified American investors, a letter sent to Frank McCourt says.

Major League Baseball is objecting to the bankruptcy filing by the Los Angeles Dodgers, accusing team owner Frank McCourt of siphoning off more than $100 million in club revenue and driving the Dodgers into a liquidity crisis....

Frank and Jamie McCourt have reached a divorce settlement, according to three people familiar with the case... The McCourts filed for divorce 20 months ago, one week shy of what would have been their 30th anniversary and the ownership of the Dodgers has been in limbo ever since.

The decision denying Frank McCourt s claim to sole ownership of the team is not expected to immediately affect day-to-day operations.