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After being given an ultimatum by the judge in their two year long divorce case, Frank and Jamie McCourt have finally reached a settlement.Details are still coming out, but according to KTLA report Eric Spillman, as part of the agreement, Jaime McCourt will receive $650,000 a month is spousal support.
There’s only one tiny sticking point that has yet to be determined: Who own the Los Angeles Dodgers?
Frank says they’re his. Jamie thinks they’re community property (meaning she gets half.) She also wants them sold so she can take her half with her.
The judge will hold a one-day trial on August 4 (just shy of the second anniversary of their divorce filing) to determine who is the owner.
UPDATE: The LA Times has published the settlement document. The $650K payments will continue until Jamie gets $55 million dollars, at which point they drop to $325,000 per month.
If the Dodgers are ruled to be community property, then they will split the assets of the team 50/50. In that case, the team would probably be sold, unless Frank could find some way to buy out his ex-wife. Once she gets her 50%, then the support payments will stop.
If Frank wins the Dodgers, then he gets to keep the team, but he will have pay Jamie $100,000,000 (tax-free) to settle all her claims on the team. She also gets their houses.
Finally, the entire settlement is contingent on Major League Baseball approving a proposed $3 billion TV deal between the team and FOX. Bud Selig has so far refused to do that, even though Frank McCourt claims that money (specifically a $285M up-front payment) will solve all the team’s financial problems.
If the deal leads to a resolution of the divorce, then perhaps he’s right. And perhaps that will persuade Selig to change his mind.