Source: Peter O'Malley withdraws bid

GLENDALE, Ariz. -- Former Los Angeles Dodgers owner Peter O'Malley has withdrawn his bid to reacquire the club, a source close to the sale process confirmed Tuesday on the condition of anonymity. That leaves 10 potential individuals or groups vying to purchase the club, with the second round of bids due Thursday.

O'Malley's family owned the Dodgers from 1950 until selling the team to NewsCorp in 1998. Peter O'Malley owned the club from the time of the death of his father, Walter, in 1979 until the sale to NewsCorp.

Although the second round of bids is due Thursday, there is nothing to stop additional individuals or groups from entering the process after that deadline, the source said. Under an agreement with Major League Baseball, outgoing Dodgers owner Frank McCourt is required to identify a specific buyer no later than April 1 and complete the sale of the team to that buyer no later than April 30.

Additionally, Major League Baseball presently is undergoing a process of vetting every potential buyer, including each individual member of each potential ownership group. Even if MLB determines that one of those individuals isn't suited to own the club or be a part of a group that owns the club, McCourt can appeal that decision to a mediator if he chooses.

Tony Jackson covers the Dodgers for ESPNLosAngeles.com.