Frank McCourt, the former owner of a Major League Baseball team, has been working through the dissolution of his marriage for quite some time now. Along with the bankruptcy of his team, the man has been dealt a large financial blow. His High Asset divorce divided up six properties and left his marriage’s high-cost lifestyle on view for the public. Wealthy couples in Ohio may be interested in how everything played out.
In April, MLB took over daily activities for the Dodgers. Bankruptcy was imminent when the league decided to veto a potential contract with Fox for television rights to the team. Some reports have valued the negated contract at $3 billion, which would have allowed McCourt’s team to stay afloat longer. The $3 billion in revenue had also been factored into McCourt’s tentative divorce settlement, forcing them to rework the contract.
A settlement in the divorce was reached earlier this month. The former ball club owner will have to pay his ex-wife $131 million in tax-free cash by the end of April 2012. If he has fulfilled this financial agreement, in full, before the set date, he will receive $1 million off for each month he has paid her in advance.
Along with this sum, he will continue to pay $225,000 in temporary alimony. The couple had a postnuptial agreement, but it was deemed invalid by a family law judge, leaving half of the Dodger’s ownership up for grabs. Four homes have already been handed over to his ex-wife, which are valued at $50 million. McCourt will get to keep two homes located on the East Coast.
Source: USA Today, “McCourt to pay $131M in divorce settlement,” Nov. 3, 2011