Frank McCourt agrees to sell the Los Angeles Dodgers

FRESNO, Calif.

In a joint statement released late Tuesday, both sides say they have agreed "to a court supervised process to sell the team." The agreement also includes the sale of team media rights "to realize maximum value for the Dodgers and their owner, Frank McCourt."

The statement says the Blackstone Group LP will manage the sale process.

The Associated Press contributed to this report.

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