Cubs and White Sox fans probably recall the two-billion dollar sale of the Dodgers. That sale shattered records. In fact, no other baseball team has ever managed to fetch a billion dollars. But, while many Illinois residents likely recall the sale, they may not have been keeping tabs on the family drama that played a key role in bringing the sale about.
That drama centers around Frank McCourt, the former owner of the Dodgers, and his ex-wife, Jamie McCourt, formerly a high-ranking executive with the team. Jamie filed a motion with the family court several months back asking Frank to cough up some of the record profit from the sale, arguing that during the divorce Frank misled her about the true value of the team.
The family court recently responded. That response, which took up nearly 60 pages, concluded that Jamie had no legal basis for compelling Frank to share some of the more than a billion dollars in profit he pulled down from the sale. Citing Jamie's prominent role on the team, including involvement in team and RSN valuations, the court found Jamie's accusations that Frank duped her regarding the team's assets and value not credible.
Despite the ruling, however, the litigation is sure to continue. According to a member of Jamie's legal team, she will likely appeal the decision.
The McCourts' experience may seem far removed from what most Illinois residents might experience in a divorce. However, many Illinois couples run family businesses together. When running those businesses collides with a divorce, it can resemble the McCourts' experience.
Source: Los Angeles Times, "Jamie McCourt loses bid to throw out Dodgers divorce deal," Bill Shaikin, Sept. 9, 2013