November 15, 2011
For Los Angeles owner Frank McCourt, the problems began two years ago when he and his wife, Jamie, announced they were separating.
After the announcement, the battle for control of the couple’s
valuable asset, the Dodgers, started, which eventually led to Frank
McCourt settling his feud with Major League Baseball and auctioning off
the team through U.S. Bankruptcy Court.
Last month the divorce settlement
was agreed to and it was filed on Thursday. Frank McCourt will pay
Jamie $131 million by April 30, 2012. By making the payment early, he
will save $1 million per month. Jamie will receive $225,000 per month in
The Dodgers will have to be sold if he fails to make the payments, although that process is already underway.
Including homes in Malibu and Vail, Jamie McCourt will
receive approximately $50 million in real estate the couple owns. Frank
McCourt will keep two other homes the couple owns.
The couple purchased the Dodgers in 2004 and Frank will also
take full responsibility for any tax liability the couple has incurred
from their business dealings.