LA Dodgers Sold.

Fox Entertainment Group and Frank McCourt announced that Major League Baseball has approved the sale of the Los Angeles Dodgers to real estate developer Frank McCourt. The gross purchase price for the sale of the Dodgers franchise and real estate assets is $430 million. Fox Entertainment Group has agreed to remit $50 million during the first two years following the closing of the transaction to reimburse the McCourt group for certain pre-existing commitments. The transaction is expected to close shortly, subject to customary closing conditions.

Mr. McCourt said: “We’re tremendously excited and thankful for the support of Major League Baseball owners. This is a terrific transaction that is good for baseball, good for the city of Los Angeles and, most, importantly good for Dodger fans. Jamie and I are thrilled to be part of your community and we can’t wait for opening day because it’s going to be a lot of fun for Dodger fans.”

Peter Chernin, President and Chief Operating Officer of the Fox Entertainment Group, said: “The Dodgers are an American icon and it has been an honor for us to own this franchise for the past six years. We leave the team in great hands. Frank and Jamie McCourt have exceptional business savvy and enthusiasm, and a deep understanding of the importance of the Dodgers to the LA community. Frank and Jamie’s commitment to the stewardship of this great team ensures a bright and winning future for the world-famous Dodger franchise.

“While Fox will no longer be the team’s owner, we are very pleased to continue our association with the Dodgers and with Major League Baseball through our national broadcasts on FOX and our regional coverage through Fox Sports Net.”