"The terms of the settlement, which is already in effect, will remain private," the former couple said in a joint statement. "Jamie will be withdrawing her opposition to the Dodgers proposed sale of media rights and instead will be filing papers in support of the process proposed by the Dodgers."
Terms are being kept private, but it appears Jamie McCourt is giving up her interest in the Dodgers, and is also withdrawing her opposition to the proposed sale of Dodger media rights.
The Los Angeles Times reports she'll receive $130 million.
The agreement would clear the way for a bankruptcy court showdown between Frank McCourt and Major League Baseball, which is trying to force him to sell the team.
Jamie McCourt also released a separate statement saying that she's happy with the settlement and looks forward to moving on.
"Jamie is pleased that this matter has been fairly resolved in the best interests of her family and the Dodgers' fans, players and organization," the statement said. "From the beginning, Jamie has consistently expressed her willingness to accept a settlement, even if it required her to give up her interest in the Dodgers, the team she loves, if a fair resolution were possible. That has now been achieved through the cooperation of everyone involved."
Frank McCourt still faces an uphill battle to keep the team. A bankruptcy court is considering MLB Commissioner Bud Selig's request to order the Dodgers be sold. A hearing is scheduled for Wednesday.