Dodgers divorce: McCourts reach settlement after 20 months

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Bill Shaikin of the Los Angeles Times reports that Frank and Jamie McCourt have finally reached a divorce settlement and an official announcement will come this afternoon.

They filed for divorce 20 months ago, turning ownership of the Dodgers into a huge question mark amid various ugliness and cash flow problems.

Of late reaching payroll every two weeks has been a major struggle and there’s an $8.33 million deferred compensation payment due to Manny Ramirez by June 30.

UPDATE: No so fast: Tim Brown of Yahoo! Sports reports that the settlement agreement is based upon MLB approving the Dodgers’ new television contract (and the influx of cash that comes attached) with FOX, which he describes as “a long shot.”

UPDATE #2: Shaikin confirms Brown’s report that everything hinges on MLB’s approval of the FOX deal and also has more details on the settlement, including that the two sides have agreed to a one-day trial where a Superior Court Judge will determine “whether the Dodgers belong solely to Frank McCourt or whether the team should be considered community property.” The latter would mean splitting the Dodgers 50-50, which Shaikin writes “would almost certainly result in the sale of the team.”