Frank McCourt agrees to sell Dodgers

(CNN) -- Embattled Los Angeles Dodgers owner Frank McCourt has agreed to sell the team, the owner and Major League Baseball announced Wednesday.
"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," a joint statement said.
The announcement comes after the well-publicized troubles of McCourt, who fought to hold on to the storied franchise despite a bitter divorce, bankruptcy and a move by Major League Baseball to take over the team.
In October, McCourt announced that he had reached a divorce settlement with his wife, Jamie, that would allow him to keep the baseball team. Before that, the couple had fought bitterly over ownership of the baseball team.
The Dodgers filed for bankruptcy in June. That move came after Major League Baseball, which took charge of the financially troubled team in April, rejected a proposed $3 billion television deal with Fox.
It is unclear who will step forward to buy the team.
In June, Los Angeles Councilwoman Janice Hahn said if the team was sold, she would introduce legislation calling on Major League Baseball to give fans an opportunity to buy the team.
"Watching the ongoing custody trial over the team has been painful for all Dodger fans. The truth is that this team belongs to the fans; and we should have a chance at purchasing the Dodgers if they are sold," Hahn said at the time.
Her proposal is a long shot. In 1961, Major League Baseball passed a resolution forbidding public ownership of teams. Congressional legislation is needed to remove the restriction and make it possible for fans to join together to purchase the team, said Hahn.

Dodgers owner Frank McCourt has agreed to sell the team via auction, it was announced Tuesday night.

A joint statement released by McCourt and Major League Baseball read in part that they have "agreed to a court-supervised process to sell the team and its attendant media rights in a manner designated to realize maximum value for the Dodgers and their owner, Frank McCourt."

McCourt and MLB have been at odds since league officials seized control of the team last June, when McCourt declared bankruptcy during his lengthy divorce court battle with wife Jamie. McCourt wanted to be allowed to sell a lucrative broadcast-rights package, but commissioner Bud Selig denied it because, he said, McCourt was siphoning the team's profits -- what there were of them -- to his own bank account.

Thus ends one of the most embarrassing battles in baseball history as a proud franchise was turned into a laughingstock. The hope now is that the Dodgers can have a new owner by Opening Day.

There figure to be many candidates. Among those mentioned in various reports:

--Mark Cuban, owner of the NBA's Dallas Mavericks. He has expressed interest in baseball in the past, but the question is whether MLB wants him.

--Mark Attanasio, owner of the Milwaukee Brewers.

--Dennis Gilbert, who nearly landed the Texas Rangers last year.

McCourt bought the Dodgers for $420 million in 2004 and is expected to get somewhere around $1 billion for the team, Dodger Stadium and the surrounding land.