The agreement calls for a sale of the Dodgers, including television rights to games starting in 2013 and Dodgers stadium.
A two-day hearing is set to get under way Wednesday in a Delaware bankruptcy court.
At issue is whether the new owner of the Dodgers will inherit the team's contract with Fox Sports.
Fox objects to the proposed media rights sale, saying it would violate its rights under an existing contract.
Major League Baseball is staying neutral in the fight.
The team and the league said they hope to have initial bids by Jan. 13, and the sale completed by April 20.
The agreement prohibits Dodgers owner Frank McCourt from having any interest in the team after the sale.
Meantime, a federal bankruptcy judge granted a six-month extension for the Dodgers to file a bankruptcy reorganization plan Wednesday. The Delaware judge gave the team until April 25 to file a plan and until June 25 to solicit votes on the plan from creditors.
The Associated Press contributed to this report.