Frank and Jamie McCourt reportedly agree to divorce settlement

Jamie McCourt would receive approximately $130 million from Frank McCourt in exchange for any claim to the Dodgers in a divorce settlement that the two parties have agreed to in principle. The pending settlement was first reported by Bill Shaikin of the Times.

The importance of the settlement is that it would remove Jamie out of the ongoing Dodger ownership dispute, essentially meaning that the hearing beginning October 31 as to whether Frank can sell the Dodgers’ post-2013 television rights (over the objection of Major League Baseball and Fox) will truly be the granddaddy event that determines whether he can retain control of the team.

More background from Shaikin:

… It is uncertain whether the Bankruptcy Court would allow McCourt to use money from a television deal to satisfy a divorce settlement — Selig would not — or whether the net proceeds of a sale of the team would exceed $130 million.

The McCourts previously reached a divorce settlement on June 17, but that agreement was contingent upon the approval of a proposed television contract between the Dodgers and Fox.

Selig rejected the contract three days later, noting in part that almost half of an immediate $385-million payment from Fox would have been diverted from the Dodgers.

On June 27, Frank McCourt took the Dodgers into bankruptcy, without notification to Jamie McCourt, who had asked the divorce court to order the team sold. She subsequently lined up behind Major League Baseball and Fox in asking the Bankruptcy Court to reject Frank McCourt’s bid to auction the Dodgers’ television rights. …

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