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Frank McCourt I'm Selling the Dodgers!

11/2/2011 5:00 AM PDT

Frank McCourt to Sell Dodgers

The hits just keep on coming for Dodgers owner Frank McCourt -- who just announced he's selling the team!

"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," read a joint statement from Frank and the MLB.

The Blackstone Group LP will manage the sale process.

There are rumors that Frank will fetch as much as $1 billion for the team -- but so far, that number is still unconfirmed.

The news of the sale comes a few months after the team filed for bankruptcy -- and one month after Frank's $130 million divorce settlement with ex-wife Jamie.

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