Frank McCourt Archives - Cordell & Cordell

Dodgers divorce settlement finally reached saga ends for Frank McCourt

The ongoing divorce battle between former Dodgers owner Frank McCourt and his wife Jamie has finally come to an end, as an expensive settlement was reached in order to end the dispute, The Associated Press reported.

According to the news outlet, the agreement was reached that left Jamie with $131 million by the end of April 2012, as the binding settlement was filed by lawyers for both parties.

The agreement calls for the lump sum to be paid fully in cash by this date, and Frank McCourt can save a comparatively minute sum if he is able to make the payment by this deadline.

Jamie McCourt didn’t just receive the massive $131 million that she may get before April, as the ex-wife will also get four properties that total $50 million, while Frank only gets to keep two residences, the AP reported.

The Los Angeles Times reported that despite the massive payout to his ex-wife, McCourt will still be responsible for spousal support funding that totals $225,000 per month until the final $131 million is given to Jamie.

Dodgers owner sells team as a result of divorce

Former Dodgers owner Frank McCourt agreed to sell the baseball team following the public divorce proceedings that led him to view a sale as a better alternative to a Bankruptcy Court trial, the Los Angeles Times reported.

“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 from the MLB and McCourt said.

According to the Times, McCourt’s ex-wife, Jaime, claimed half-ownership of the Dodgers. She fought a legal battle with the owner following their divorce, and is set to receive more than $130 million as part of the settlement, which is up for court approval on November 14.

The Associated Press reported that McCourt had to settle with his wife in order to focus his efforts on retaining control of his team. Jamie had initially lined up on the side of the court when it rejected his bid to auction the television rights to the Dodgers.

Joseph Cordell Breaks Down McCourt Divorce On Sporting News Radio

Sporting News Radio turned to Cordell & Cordell co-founder Joseph Cordell to sift through the legalese of what could turn out to be the costliest divorce settlement in the history of California – the divorce between Los Angeles Dodgers owners Frank and Jamie McCourt.

The reported divorce settlement would give Frank control of the Dodgers again, but at a cost of more than $130 million to be given to Jamie. A four-day hearing before a Delaware bankruptcy judge that is scheduled to start on Oct. 31 will have a tremendous impact on the ownership of the team and the highly valuable TV rights, Cordell told Sporting News Radio.

“The most important decision at this hearing will be whether the $2-3 billion in television rights will be able to be sold at auction,” Cordell said. “If the court takes the position that the rights can be sold at auction, then Frank McCourt now has access to dollars that he never could have otherwise. Suddenly he has access to revenues he needs to not only present a case that he can run this franchise and make it successful, but he can also go ahead and pay off Jamie. If he loses on that point, he is sunk.”

Listen to the full audio of Cordell breaking down the complicated issues of divorce and bankruptcy.

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Dodgers owner divorce settlement could be costliest in California history

Frank and Jamie McCourt have reportedly reached a divorce settlement that could give the Dodgers owner control over his team again, but may cost him more than $130 million, the Los Angeles Times reported.

The owner of the Dodgers may end up having to give his ex-wife the largest sum that has ever been recorded in California, as the settlement could be one of the costliest to ever occur in the U.S., according to the newspaper.

Jamie McCourt noted that the lifestyle that she became accustomed to while Frank owned the team led to the high-priced settlement.

“Frank and I enjoyed the many perquisites and benefits that come with owning a Major League Baseball team,” said McCourt, according to court documents.

Frank McCourt almost lost control of the Dodgers due to the messy divorce that occurred right before the couple celebrated their 30th anniversary, the Times reported.

The Associated Press reported that Jamie McCourt requested that the court order Frank to relinquish control of the team, on top of providing her with the $130 million.

Spousal support debated at McCourt divorce battle

The divorce saga of Frank and Jamie McCourt, owners of the Los Angeles Dodgers, is continuing as a judge has agreed to consider reducing the amount of spousal support paid, the Los Angeles Times reports.

Frank McCourt was previously ordered to pay $225,000 per month in alimony and more than $400,000 a month to maintain the ex-couple’s six homes and one condominium. He argued, however, that he has already paid more than $5 million annually to cover the homes and that his ex-wife should pay the mortgages herself or sell the properties.

Due to the divorce and resulting financial instability, the Los Angeles Dodgers filed for bankruptcy protection in August 2011 and Major League Baseball assumed the club’s day-to-day operations in April of that year.

After going through very public divorces, some celebrities have shied away from other marriages. Eva Longoria, the actress who filed for divorce from basketball star Tony Parker in late 2010, recently told Fox News that she wasn’t sure if she would ever marry again. She has been reportedly dating the brother of actress Penelope Cruz since January 2011.