Category Archives:McCourt


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McCourts Reach a Divorce Settlement and Agreement Regarding Ownership of the Los Angeles Dodgers

English: Giant posters of Dodger greats posted...
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The divorce of Frank and Jamie McCourt has received a lot of publicity due to the fact that ownership and control of the Los Angeles Dodgers has been a central sticking point in the settlement of property division issues between the McCourts.  Earlier this week, after a great deal of expense, the two have purportedly reached a settlement on their divorce.
Many justifiably remain skeptical that an actual settlement has been reached.  A prior agreement fell through when the Commissioner of Major League Baseball, Bud Selig rejected a new television deal from Fox Sports that would have financed the entire agreement.  Reports of the settlement were made by an “anonymous source.”  Additionally, any agreement must still be approved in both family and bankruptcy courts before it becomes final.
The settlement would grant Jamie $130 million but require her to relinquish her rights to the team.  This would leave Frank with sole ownership and control of the Dodgers.  This does not end the fight over the team for Frank.  The daily operations of the club have already been taken over by Major League Baseball to which Frank responded by filing Chapter 11 bankruptcy reorganization, in an attempt to regain control of the team. More recently, Bud Selig is calling for the sale of the team in order to get it out of the McCourt’s hands.
Of course, most couples that divorce do not have hundreds of millions of dollars nor do their assets include a professional baseball team.  However, the division of property can stillbe challenging and the divorce process quite difficult.  Whether a divorce involves a large settlement or something much smaller it is important to work out the details as early as possible and prepare for whatever surprises might happen along the way.
For the McCourts, the divorce settlement will not be official until it receives the Judge’s approval.  When this is finally over, it is sure to be one of the most complex and costly divorces in California history.
All factual information provided by KTLA.
The  Orange County law firm of Don Ho, LLP can assist you regarding divorce in California or any other legal matter.
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L.A. Dodger Owners Agree to Divorce Settlement

Early last week, the feuding co-owners of the Los Angeles Dodgers came to an agreement regarding the division of their assets, including the iconic baseball team.  Under the proposed agreement, Frank McCourt would receive an advance of several hundred million dollars to pay off current debts and a sizeable lump-sum payment to his soon-to-be ex-wife, Jamie McCourt

Unfortunately for the McCourts, the Commissioner of Major League Baseball, Bud Selig, did not approve of the new television deal from Fox Sports that would have financed the entire agreement.  Citing the broad power of the Commissioner’s Office, Selig stated, “[The proposed TV deal was] structured to facilitate the further diversion of Dodgers assets for the personal needs of Mr. McCourt…[such a diversion] would have the effect of mortgaging the future of the franchise to the long-term detriment of the club and its fans.”

This week, as a last-ditch effort to maintain control of the team, Frank McCourt filed for Chapter 11 bankruptcy protection for the ballclub.

This case is just the latest example of what can happen to a professional sports franchise when ownership of the franchise is shared between a husband and wife.  The biggest issues in this case are the division of marital property for an equitable division of the assets.  For most couples facing this situation, the biggest obstacle to a successful division of assets is figuring out how and what to divide – Does one party want to sell the marital residence?  What if there are minor children involved?  Do you want to keep the kids in a home they are familiar with?

Several of the issues that have arisen in this case are prevalent in the majority of California divorce matters, albeit on a larger scale than most cases.  If you are thinking about divorce or have recently been served with a Petition for Dissolution, call the Orange County family law firm of Don Ho, LLP to receive a referral for an experienced family law attorney.

All factual information provided by the Los Angeles Times


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