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Bankruptcy court OKs proposed sale of Los Angeles Dodgers

Dodger Stadium is seen in this file photo.

April 13, 2012 12:00:00 AM PDT
Eyewitness News has learned a federal judge has approved the proposed sale of the Los Angeles Dodgers.

A court hearing in Delaware was held Friday to confirm the sale of the Los Angeles Dodgers to a group that includes Magic Johnson.

U.S. Bankruptcy Judge Kevin Gross confirmed Frank McCourt's plan to sell the team for $2 billion to Guggenheim Baseball Management.

The Dodgers organization released a statement Friday afternoon, which read in part:

"The United States Bankruptcy Court, District of Delaware confirmed the debtors' Plan of Reorganization, thus authorizing the debtors to emerge from the Chapter 11 reorganization cases as viable, financially healthy entities. ...

"A key component of the plan is the sale of the Los Angeles Dodgers, Dodger Stadium, and the land beneath the stadium to Guggenheim Baseball Partners LLC, which was announced on March 27, 2012. The Plan of Reorganization is expected to become effective and the sale transaction is expected to close on April 30, 2012."

Despite the hearing, Fox is objecting to the proposed sale. Fox has asked for written assurance Time Warner Cable isn't contributing money for the team's purchase and that no agreement is in place for the team's broadcasting rights beginning in 2014.

Major League Baseball has also filed an objection, saying the Dodgers have not set aside enough money to satisfy their debts.

The team expects to emerge from bankruptcy on April 30.

The Associated Press contributed to this report.

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