Los Angeles Dodgers For Sale

(Newsroom America) -- Major League Baseball and the Los Angeles Dodgers have issued a brief statement saying the Dodgers are for sale.

"The Los Angeles Dodgers and Major League Baseball announced that they have agreed today to a court supervised process to sell the team and its attendant media rights in a manner designed to realize maximum value for the Dodgers and their owner, Frank McCourt," it said.

The Blackstone Group LP will manage the sale process.

In June the Los Angeles Dodgers filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to protect the franchise financially and provide a path that will enable the Club to consummate a media transaction and capitalize the team.

Dodger owner Frank McCourt cited Major League Baseball Commissioner Bud Selig's refusal to approve the Fox transaction as the cause for the Chapter 11 filing.

The Dodgers had sought approval from the Commissioner for a multibillion dollar media rights transaction negotiated between the Dodgers and FOX, which would immediately infuse hundreds of millions of dollars of capital into the Los Angeles Dodgers.

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