(CNN) -- Embattled Los Angeles Dodgers owner Frank McCourt has agreed to sell the team, the owner and Major League Baseball announced Wednesday.
"The Los Angeles Dodgers and Major League Baseball announced that they have agreed today to a court supervised process to sell the team and its attendant media rights in a manner designed to realize maximum value for the Dodgers and their owner, Frank McCourt," a joint statement said.
The announcement comes after the well-publicized troubles of McCourt, who fought to hold on to the storied franchise despite a bitter divorce, bankruptcy and a move by Major League Baseball to take over the team.
In October, McCourt announced that he had reached a divorce settlement with his wife, Jamie, that would allow him to keep the baseball team. Before that, the couple had fought bitterly over ownership of the baseball team.
The Dodgers filed for bankruptcy in June. That move came after Major League Baseball, which took charge of the financially troubled team in April, rejected a proposed $3 billion television deal with Fox.
It is unclear who will step forward to buy the team.
In June, Los Angeles Councilwoman Janice Hahn said if the team was sold, she would introduce legislation calling on Major League Baseball to give fans an opportunity to buy the team.
"Watching the ongoing custody trial over the team has been painful for all Dodger fans. The truth is that this team belongs to the fans; and we should have a chance at purchasing the Dodgers if they are sold," Hahn said at the time.
Her proposal is a long shot. In 1961, Major League Baseball passed a resolution forbidding public ownership of teams. Congressional legislation is needed to remove the restriction and make it possible for fans to join together to purchase the team, said Hahn.