LosAngeles.Dodgers.MLB.com

LOS ANGELES -- The Dodgers have been sold for the second time in five years.

The Fox Entertainment Group, which purchased the club from the O'Malley family for $311 million in 1998, announced Friday that an agreement in principle has been reached to sell the club, Dodger Stadium and training facilities in Vero Beach, Fla., and the Dominican Republic to an investor group headed by Boston real estate developer Frank McCourt.

The purchase price was not disclosed, but media speculation has valued the package at $450 million. Club officials said no personnel changes have been made and business will be conducted as usual.

McCourt is president and chief operating officer of The McCourt Company. Jamie McCourt, his wife and business partner, is vice president and general counsel. McCourt, whose father was part-owner of the Boston Braves, unsuccessfully attempted to purchase the Boston Red Sox and Anaheim Angels in recent years.

"We have been privileged to own one of America's most enduring sports franchises for more than five years," said Peter Chernin, president and chief operating officer of the Fox Entertainment Group.

"Frank and Jamie McCourt have a remarkable enthusiasm for baseball and a profound commitment to community. Their extraordinary business acumen and understanding of the complex issues facing the game today ensure success for the Dodgers organization for many years to come."

Said McCourt: "I am personally grateful to Peter Chernin and the Fox organization for their professionalism and diligence throughout these complex negotiations. We have the deepest respect for the history and traditions of the Dodgers and recognize the strong contributions the team has made to the local community. That is a major factor in the Dodgers' allure to us, and we look forward to building upon that unique relationship with the City of Los Angeles even further.

"We feel enormously privileged and excited about this opportunity to lead the Dodgers to continued excellence across every level of the organization. We anticipate a smooth completion of this transaction in the weeks ahead, and when approved, our most immediate goals are returning the Dodgers to the World Series and making each fan's experience at Dodger Stadium the absolute best that it can be."

The agreement will be forwarded to Major League Baseball's ownership committee for review and recommendation to the other club owners, who must approve the sale. McCourt said that, should the deal be approved, he plans to be "very active" in the day-to-day operations of the club while continuing to direct his Boston business.

In accordance with Major League Baseball guidelines, the McCourt investment group and Fox Entertainment Group will make no further comments regarding the sale until the conclusion of the World Series.

Frank McCourt sits on the Board of Regents of Georgetown University, his alma mater. He is a member of the board of the Greater Boston Chamber of Commerce, the Boston Municipal Research Bureau, the Artery Business Committee, Youth-Build Boston and the Make-A-Wish Foundation. He also supports an array of civic, educational and charitable causes in South Boston.

Jamie McCourt met her husband as an undergraduate at Georgetown University, attended La Sorbonne at the University of Paris and received her law degree from the University of Maryland law school in 1978 and an M.S. degree from the MIT Sloan School of Management.

She is a member of the Sloan School of Management Visiting Committee to MIT, the MIT Sloan School of Management Dean's Advisory Council, MIT Sloan Fellows Board of Governors, the Georgetown College Board of Advisors and co-chair of the Georgetown University Third Century Campaign and the Headmasters' Council at Milton Academy.

Ken Gurnick is a reporter for MLB.com. This article was not subject to the approval of Major League Baseball or its clubs.