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McCourts reach settlement over division of property

Frank McCourt and Jamie McCourt have been in opposition over their divorce settlement for quite some time. The central issue in their divorce settlement disagreement has been the ownership of the Los Angeles Dodgers. The prolonged property division dispute may soon come to a conclusion because it appears that the McCourts have reached a tentative divorce settlement deal that would give Jamie McCourt $130 million but would not give her any claim of ownership over the Los Angeles Dodgers.

Though news of the deal came this week, the divorce settlement has not been finalized as of yet. If the property division dispute is settled it will conclude the most expensive divorce in the history of California.

According to legal documents filed with the Los Angeles Superior Court, Frank McCourt and Jamie McCourt have both incurred almost $21 million in legal fees. It is believed that the dispute over the ownership of the Los Angeles Dodgers makes up a large portion of the legal bills and based on court filings the estimated legal expense regarding the Dodgers is at least $14 million.

The McCourts reached a previous divorce settlement involving the Dodgers but the deal was dependent upon the approval of a television rights deal between the Major League Baseball team and Fox by the Bud Selig, the Commissioner of Major League Baseball. Selig rejected the agreement believing that a portion of the television deal would go to addressing Frank McCourt's private issues.

Soon after the rejection of the television deal, Frank McCourt put the Dodgers in bankruptcy in order to avoid selling the team. When the divorce between Frank and Jamie was first initiated, Frank's attorney said Frank would not have to sell the team in order to finance his divorce.

Source: Los Angeles Times, "Frank and Jamie McCourt reach settlement involving Dodgers," Bill Shaikin, Oct. 17, 2011

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