Peter O’Malley drops out of bidding for Dodgers

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Bill Shaikin of the Los Angeles Times reports that Peter O’Malley has withdrawn his bid to reacquire the Dodgers. O’Malley, whose family owned the franchise for 47 years until selling to NewsCorp in 1998, was partially backed by South Korean conglomerate E-Land.

O’Malley was one of 11 bidders who made it through the first round of the process, but Shaikin hears that O’Malley was concerned he might not win the bidding even if he made the highest offer. This could have something to do with O’Malley previously slamming outgoing owner Frank McCourt in the press.

The 10 groups remaining in the bidding are expected to submit new offers this week. McCourt faces an April 30 deadline to sell the team and has agreed to identify a specific buyer by April 1. The sale is expected to fetch an MLB record price tag in excess of $1 billion.