Frank McCourt to pay ex-wife $131M
LOS ANGELES -- Los Angeles Dodgers owner Frank McCourt must pay his former wife and ex-team CEO Jamie McCourt $131 million by the end of April as part of their divorce settlement, according to a binding settlement filed Thursday.
The agreement was signed by the former couple last month but made official Thursday. It calls for the lump sum to be paid in cash and would be tax-free. If Frank McCourt comes up with the money before April 30, 2012, $1 million per month will be shaved from his tab.
McCourt and Major League Baseball reached an agreement this week to sell the team and its media rights. The Dodgers filed for bankruptcy protection in June after the league rejected a television contract with Fox, reported to be worth up to $3 billion, that McCourt needed to keep the team afloat.
MLB had assumed control of the club's day-to-day operations in mid-April before the team filed for bankruptcy.
The couple's protracted divorce was played out in court, where their lavish spending habits were made public. Court documents contend the McCourts took out more than $100 million in loans from Dodgers-related businesses for their own use
Superior Court Judge Scott Gordon ruled in December that a post-marital agreement that gave Frank McCourt sole ownership of the Dodgers was invalid, clearing the way for his ex-wife to seek half of the team under California's community property law.
As part of the settlement between the McCourts, Jamie will retain two beachfront homes in Malibu, a house in Holmby Hills and a condominium in Vail. After paying off the mortgages, the four properties have a value of about $50 million.
Frank McCourt will continue to pay $225,000 in temporary spousal support until the lump-sum payment is made. He will get to keep two homes in Massachusetts, according to the agreement.
The McCourts previously reached a divorce settlement on June 17, but the deal was contingent on approval of the proposed TV contract. That deal would have given Jamie McCourt $100 million.
Copyright 2011 by The Associated Press