A bankruptcy court judge in Delaware has approved the Los Angeles Dodgers' reorganization plan, a move that allows the team to exit bankruptcy.
Friday's decision by U.S. Bankruptcy Judge Kevin Gross came at the conclusion of a two-part morning and evening hearing he called a "doubleheader."
The reorganization plan is based on Dodgers owner Frank McCourt's agreement to sell the team for $2 billion to Guggenheim Baseball Management, a group that includes former Los Angeles Lakers star Magic Johnson.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, will become the controlling owner, and the team will be run by former Atlanta Braves president Stan Kasten.
The court's decision came after the Dodgers reached an agreement with Fox Sports to end the broadcaster’s objection to the sale of the club, lawyers said in court earlier Friday.
Fox Sports’ Net West 2 LLC, a unit of New York-based News Corp., dropped its opposition to the sale later Friday.
Fox had objected to the sale, seeking written assurances that competitor Time Warner Cable Inc. isn’t part of the group buying the Dodgers. The Dodgers prepared court documents addressing Fox’s concerns, team attorney Sidney Levinson said in court.
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