The Los Angeles Dodgers baseball team said it has agreed with Major League Baseball (MLB) officials to a court-supervised sale of the team and its media rights, potentially ending a long-running court battle between the league and owner Frank McCourt.

The team said in a statement early on Wednesday that Blackstone Group LP will manage the sale.

The Dodgers filed for bankruptcy in June after the league's commissioner, Bud Selig, rejected the team's proposed deal to sell its broadcast rights to generate desperately needed cash.

The Dodgers had planned to exit Chapter 11 by striking a new deal to sell the media rights.

The league, however, had previously argued in the court the only way to end the Dodgers' bankruptcy is to force McCourt to sell the team. The league had also tried to oust McCourt as owner of the franchise by arguing he was draining the team's financial lifeblood.

The bankruptcy case is In re: Los Angeles Dodgers LLC, U.S. Bankruptcy Court, District of Delaware, No. 11-12010