Embattled Los Angeles Dodgers owner Frank McCourt has been offered $1.2 billion to sell his struggling ballclub, the Los Angeles Times reported Thursday.
The proposed bid — a record price for a Major League Baseball franchise — is headed by LA Marathon founder Bill Burke and partially funded by Chinese investors, according to a letter obtained by the Times.
The letter, sent on behalf of the Burke group by New York-based Signal Capital Management, which has offices in Beijing, was handed to McCourt Tuesday, according to the report.
Burke declined to comment when contacted by the Times. A spokesman for McCourt also declined to comment on the letter.
According to the report, the proposal is a straight cash deal for the Dodgers, including all real estate and media rights connected to the team.
McCourt, who filed for bankruptcy in June in an apparent last-ditch effort to keep MLB Commissioner Bud Selig from seizing the cash-strapped franchise, has discussed a partial sale of the club with at least two other groups, sources told the Times.
But Selig, who has final approval of any deal, is not anticipated to accept any offer that does not include the complete ousting of McCourt.
The Burke group’s offer expires in 21 days, according to the letter. Any deal is subject to the approval of MLB and the bankruptcy court.