Major league owners approved the three remaining
By the time the auction is over -- late Wednesday, perhaps, or later this week -- the Dodgers are expected to be sold for a record price for a North American sports franchise.
The three finalists:
--The partnership of Connecticut hedge-fund billionaire Steven Cohen and Los Angeles biotech billionaire
--A group fronted by
McCourt took the Dodgers into bankruptcy last year, in a bid to retain ownership of the team. He ultimately agreed to sell the Dodgers, but through a court-supervised process that enabled him to hold an auction and select the winner.
McCourt and his advisors will stage an auction in New York, starting Wednesday.
Under McCourt's agreement with MLB, the league must accept the winner of the auction as the Dodgers' new owner. But if the auction drives the sale price so high that the winning bidder must add significant debt to finance the purchase, MLB retains the right to review the financial structure.
Once McCourt picks a winner, he must get U.S. Bankruptcy Court approval for the sale agreement on April 13, then close the transaction by April 30, the day he must pay his ex-wife $131 million in a divorce settlement.