The Los Angeles Dodgers said late on Tuesday it has filed a motion with a U.S. bankruptcy court to approve its settlement with Major League Baseball, which would kickstart the sale of the bankrupt team.
Dodgers will be sold to a buyer or group of buyers that will be identified through a sale process to be administered by Blackstone, the baseball team said in a court filing.
The Dodgers filed for bankruptcy in June after the league's commissioner, Bud Selig, rejected a proposed sale of the team's broadcast rights to generate desperately needed cash.
However in November, the baseball team owned by real estate developer Frank McCourt ended its long-running battle with Major League Baseball by areeing to be sold in bankruptcy court.
Its motion filed for approving the settlement agreement between MLB and the Dodgers underscores the debtors' objective to maximize the value of the debtors' assets, including the team and the media rights, Dodgers said in a statement.