Jamie and Frank McCourt Resolve Dodgers Ownership in Divorce Settlement
The McCourt high profile divorce battle over ownership of the Los Angeles Dodgers has been under public scrutiny for quite some time. In her initial divorce filing, Jamie McCourt, who described herself as “the face of the Dodgers,” sought half ownership of the team. Although a post-nuptial agreement stipulating that Frank McCourt gets sole ownership of the Dodgers in a divorce was invalidated, Frank McCourt still did not want to give his ex-wife half ownership. Jamie McCourt has given up that fight now, however. But now, as the Dodger’s fate rests in bankruptcy court, the McCourts have agreed on the terms of their divorce settlement.
According to The Los Angeles Times, Jamie McCourt has agreed to give sole ownership of the Dodgers to her ex-husband in exchange for a settlement of about $130 million, which Frank McCourt must pay by next spring. If Jamie McCourt does not have the promised settlement by then, and Frank McCourt still owns the team, then he must sell the team to pay his ex-wife. It is still unclear whether he will still have ownership of the Dodgers by then, however, as that is being determined by the bankruptcy court.
Frank McCourt is fighting Major League Baseball (MLB) Commissioner Bud Selig in bankruptcy court to remain the team’s owner. If he loses and the court orders the sale of the Dodgers, then the first $130 million of net proceeds from the sale must be paid to Jamie McCourt. The net proceeds may not exceed $130 million, however, in which case Frank McCourt will likely have no profit from the sale.
Dealing with divorce is difficult enough without the added stress of media attention. A high profile divorce requires the services of an experienced attorney with practiced discretion. At Nottage and Ward, our trustworthy high profile divorce lawyers in Chicago can help you and your spouse finalize your divorce discreetly and efficiently. We understand the importance of confidentiality and will do everything within our power to keep your divorce below the radar. If you are contemplating a high profile divorce in Illinois, contact us today at (312) 332-2915 for a consultation.
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