We recently wrote about the ongoing divorce proceedings between Frank McCourt-owner of the Los Angeles Dodgers-and his ex-wife and former Dodgers CEO Jamie McCourt. Last time we checked, Frank McCourt had been ordered to continue paying spousal support to Jamie McCourt in the amount of $225,000 per month after he had sought a modification.

The former couple has apparently now reached a divorce settlement, but unfortunately for the curious the terms are not being released. However, an anonymous person who familiar with the settlement said Jamie McCourt would be receiving around $130 million.

Part of the agreement specifies that Jamie McCourt is withdrawing opposition to the sale of the Los Angeles Dodgers' media rights, and will be submitting a motion in support of that sale to the court. Frank McCourt reportedly looks to sell the rights for financial relief.

As sources point out, the settlement brings an end to a two-year battle that began when Frank fired Jamie from her position as Dodgers' CEO in 2009, and pplaces Frank McCourt in a position to keep ownership of the Dodgers franchise and to focus on his legal battle with Major League Baseball in which the latter calls for a bankruptcy filing calling upon McCourt to sell the franchise. According to Frank McCourt's attorneys, selling the team's media rights is the easiest way out of bankruptcy.

Interestingly, sources said it wasn't entirely clear whether the bankruptcy judge in charge of McCourt's case would allow him to make use of the money from the media rights once they're sold, or whether the proceeds would even exceed the $130 million he is paying out to Jamie McCourt. Some believe that one of the reasons behind the settlement is to put an end to a very expensive divorce battle, which has cost the former over $20 million.

Source: Seattle Post Intelligencer, "Report: McCourts reach divorce settlement," October 18, 2011.