CBS Sports
C. Trent Rosecrans

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LOS ANGELES – Frank McCourt has been offered a record $1.2 billion for the Dodgers, the Los Angeles TImes’ Bill Shaikin reports.

The bid is led by Los Angeles Marathon founder Bill Burke and is also funded in part by Chinese investors. Burke would not comment when reached by Shaikin. Steve Surgerman, a McCourt spokesman, also declined comment.

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The bid from Burke’s group would be an all-cash deal for the team, all its real estate and the team’s media rights. McCourt, reportedly, has hoped to keep Dodger Stadium and its parking lots if the team is sold.

According to the letter obtained by the Times, the offer expires in 21 days and would hope to close the deal within 90 days and be subject to approval from both the bankruptcy court and Major League Baseball.

Some of the money would come from “certain state-owned investment institutions of the People’s Republic of China,” in addition to other investors.

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Two years ago the Rickettts family bought the Chicago Cubs for $845 million from the Tribune Company, setting a record for the highest price tag on a big league team.