Frank McCourt's Deal with Fox Is Rejected by MLB Commissioner Bud Selig

MLB Commissioner Bud Selig has rejected Frank McCourt's proposed deal with Fox Studios and the Los Angeles Dodgers. The deal worth a reported $385 million was a major component of Frank and Jamie McCourt's divorce Settlement.

This rejection nullifies the current divorce agreement between the McCourts, which was dependent on Selig's approval. Frank will either have to put the team up for sale or sue.

"I cannot approve the club's proposed transaction the Fox. This proposed transaction with Fox would not be in the best interests of the Los Angeles Dodgers franchise, the game of baseball and the millions of loyal fans of this historic club," Selig released in a written statement on Monday.

The deal would in essence divert some of the Dodger's assets "for the personal needs of Mr. McCourt," and that "such a diversion of assets would have the effect of mortgaging the future of the franchise to the long-term detriment of the club and its fans," Selig wrote.

Selig also wrote in his statement, "We owe it to the legion of loyal Dodger fans to ensure that this club is being operated properly now and will be guided appropriately in the future. This transaction would not accomplish these goals."

It is unclear how McCourt will make the June 30 payroll deadline. If McCourt fails to make the June payroll, Selig can put the Los Angeles Dodgers up for sale.

Frank McCourt's proposed deal with Fox opened would have given close to $173.5 million to the McCourts and their attorneys out of the $385 million that was to be given immediately to the Dodgers.

It is doubtful that Selig is going to budge on this matter. So Frank McCourt will have to decide quickly as June 30 is just days away.