Originally posted on Pro Sports Daily  |  Last updated 11/1/11

Embattled Los Angeles Dodgers owner Frank McCourt is close to an agreement with Major League Baseball to sell the proud franchise through a bankruptcy settlement, the Los Angeles Times reported Monday night.

According to the report, the deal could include the team, Dodger Stadium and the surrounding parking lots and could eclipse $1 billion. McCourt would retain some control over the sale, the report said.

In 2009, the Chicago Cubs were sold for $845 million, a record for a baseball franchise.

McCourt has been adamant in his refusal to sell the Dodgers, holding onto the team through an ugly divorce and a bankruptcy trial in Delaware that has been postponed for a month for the owner and baseball to discuss a sale of the team.

The report said McCourt would have difficulty selling the team's TV rights and settling his divorce while retaining enough money to renovate Dodger Stadium, based on figures McCourt submitted to the Bankruptcy Court.

Last month, McCourt reached a $130 million divorce settlement with ex-wife Jamie McCourt, who agreed to relinquish any claim to ownership.

Earlier this year, Commissioner Bud Selig appointed a trustee to oversee the Dodgers' finances, and McCourt had to borrow money against sponsorship deals to make payroll.

In June, Selig shot down a frontloaded $3 billion TV rights deal McCourt negotiated with Fox Sports due to IRS concerns and the fact that it would immediately infuse McCourt's coffers with $385 million, a chunk of which would be redirected to Jamie McCourt.

In June, McCourt filed for bankruptcy protection, which MLB questioned, accusing McCourt of skimming more than $100 million in revenue and driving the team into a liquidity crisis.

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