Los Angeles, CA (Sports Network) - The sale of the Los Angeles Dodgers from the Fox Entertainment Group to Boston real estate developer Frank McCourt and his wife was finalized Friday.
The $430 million sale, announced on October 10, was cleared by Major League Baseball's ownership committee and the executive council on January 27 and unanimously approved by MLB owners two days later.
The McCourts will own a 52 percent share in the team, with Fox retaining a 48 percent non-controlling interest worth $205 million.
"My family and I are extremely excited to have learned that the closing is official and to have this process behind us so that we may now move forward with our plans," Frank McCourt said. "We have a great deal of work ahead of us as we prepare for Spring Training and the upcoming season."
McCourt will assume chairman duties with the club, while wife Jamie will become the vice chairman.
McCourt, whose grandfather was the part owner of the Boston Braves, was finally able to purchase a team after failing to land the Boston Red Sox and Anaheim Angels over the past couple of years.
The sale includes Dodger stadium and its surrounding property, Dodgertown in Vero Beach, Florida and a player-development facility in the Dominican Republic.
"I want to reiterate what an honor and privilege it is to be affiliated with the Los Angeles Dodgers, Frank McCourt said. "This is not just one of the greatest franchises in baseball, it's one of the greatest teams in all of sports"
Frank McCourt serves as President and CEO of the McCourt Company, a Boston firm that is primarily involved in real estate.
The Fox Entertainment Group, which purchased the club for $311 million in 1999, had been trying to sell the team for quite some time, having reported large financial losses over the past couple of years.