LOS ANGELES (CBS) — Frank McCourt has reached a deal to sell the Dodgers.

After much media speculation that the beleaguered team owner would have no choice but to sell the baseball team, CBS2 Sports Director Jim Hill has confirmed that a deal was reached between McCourt and Major League Baseball to sell the Dodgers Tuesday.

In a joint statement, McCourt and MLB say they will seek approval in U.S. Bankruptcy Court to auction off the Dodgers. The sale will include the team, the stadium, and its surrounding parking lots.

The Dodgers filed for Chapter 11 bankruptcy protection in June. A four-day bankruptcy trial was scheduled to start Monday, but Judge Kevin Gross last week postponed the proceedings.

Some suggested the move was in an effort to allow McCourt the opportunity to find a buyer for the team.

MLB last week accused McCourt of “looting” $189 million from the Dodgers’ bank account to pay off personal debts.

There have been more than 200 filings in the bankruptcy case.

McCourt had previously insisted he would never sell the Dodgers, but was open to selling off the rights to parking or concessions.

Last month the Dodgers announced a plan for reduced ticket prices after a season of sagging attendance.

