MLB, Dodgers Agree To Blackstone-Led Sale

Law360, New York (November 2, 2011, 1:16 PM EDT) -- Major League Baseball and the bankrupt Los Angeles Dodgers have agreed to a court-supervised process whereby the storied franchise, and its valuable media rights, will be sold off by private equity giant Blackstone Group LP, the league and team announced Wednesday.

The announcement sets up an endgame for the team, valued at $800 million by Forbes earlier this year but parked in Delaware bankruptcy court, in which controversial owner Frank McCourt will be able to walk away with a major payday.

McCourt reportedly reached a $130 million...
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