[1] MLB Commissioner Bud Selig announced that the takeover was due to concerns over the Dodgers' finances and the ability of McCourt to run the team.
In June, as the Dodgers struggled to meet payroll, Selig rejected a television contract that would have pumped money into the organization.
After a year of negotiations and court proceedings, the dispute ended with the sale of the team to Guggenheim Baseball Management LLC.
[6] On December 7, 2010, the judge in the divorce case invalidated the post-nuptial marital property agreement ("MPA") that McCourt had claimed provided him with sole ownership of the Dodgers.
On April 5, 2011, McCourt presented MLB Commissioner Bud Selig with a contract giving Fox broadcasting rights to the team for the next twenty years.
To secure the loan, McCourt promised Fox he would pay them back with money from a settlement or judgment against the law firm that drafted the invalidated marital agreement.
Pursuant to my authority as Commissioner, I informed Los Angeles Dodgers owner Frank McCourt today that I will appoint a representative to oversee all aspects of the business and the day-to-day operations of the Club.
I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the Club, its great fans and all of Major League Baseball.
The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future.Reactions to Selig's move were generally positive.
On this basis, it is hard to understand the commissioner's decision today.Steve Soboroff, hired by McCourt as the Dodgers' vice chairman April 19, 2011, described the takeover of the team's operations as "irresponsible".
[12] On April 25, 2011, Selig appointed Tom Schieffer, former United States Ambassador to Japan and former president of the Texas Rangers, to oversee the Dodgers' finances.
[21] On October 17, 2011, it was announced that the couple had reached a settlement in their divorce case, in which Jamie would give up her claims on the Dodgers and McCourt would pay her about $130 million.
The action taken today by Mr. McCourt does nothing but inflict further harm to this historic franchise In the filing, the Dodgers sought permission to use a $150 million loan from a hedge fund for daily operations, according to a team news release.
"[28] The Judge sided with MLB and ruled that McCourt could not compel the release of the documents or depose Selig because they weren't relevant to the issue of the bankruptcy.
It also threatened to block any attempt to sell TV rights (and perhaps even suspend the team from the league for the 2012 season), and alleged that McCourt's lawyers have no standing as he and they are in violation of MLB rules.
[33] On September 30, Judge Gross ruled that McCourt's lawyers could not attempt discovery by looking into the records of other MLB clubs.
[48] On March 27, 2012, it was announced that an agreement had been reached on the sale of the Dodgers between Frank McCourt and Guggenheim Baseball Management LLC, a group of investors fronted by Guggenheim CEO Mark Walter and including former Los Angeles Lakers player Magic Johnson, baseball executive Stan Kasten and film mogul Peter Guber.
The new ownership pays $14 million to rent the parking lots surrounding Dodger Stadium from an entity half-owned by McCourt.