The former couple agreed to a one-day trial scheduled for Aug. 4, to determine the issue of ownership of the team – a trial that could grant Jamie 50 percent of the team.
“This is a huge, huge milestone and a huge step forward today, complete resolution of the divorce and a very clear pathway for resolution on August 4 of this issue and Jamie and I both agree that what happens in either event,” Frank McCourt said during a news conference Friday.
“I’m just hoping for resolution and I’m hoping this is step towards that resolution,” Jamie McCourt said.
The agreement is contingent on Major League Baseball’s approval of a $3 billion deal with Fox, one in which both sides now agree is appropriate.
“I fully expect MLB to approve the Fox transaction. MLB has taken the position that before they approve the transaction, they wanted to see either a settlement of the divorce or Jamie’s consent or an order from the judge. Today they received all three so I fully expect they’ll be good to their word and approve the transaction in a timely way,” Frank McCourt added.
Attorneys for both sides spent several sessions in front of Superior Court Judge Scott Gordon to reach the settlement.
To read the terms of today’s agreement, click on the links below.