MLB takes over operation of Los Angeles Dodgers

Baseball Commissioner Bud Selig says in a release Wednesday that he will appoint a representative to oversee the "business and the day-to-day operations of the Club."

Selig says he took action "because of my deep concerns regarding the finances and operations of the Dodgers."

His decision followed a report by the Los Angeles Times that owner Frank McCourt had arranged a $30 million loan from the Fox, the team's television partner.

Selig says he will announce the new team head in the next several days.