The Los Angeles Dodgers owner won a reprieve in bankruptcy court to continue on with daily operations, while Major League Baseball thought about seizing control of the ballclub.

Frank McCourt, owner of the Dodgers is dealing with bankruptcy court against the league in a fight over one of the most well-known, talked about and very profitable franchises in baseball history. According to some reliable sources, this fight over the ownership is somewhat connected to McCourt’s divorce from his wife who was also once the team’s CEO, Jamie McCourt. She is said to be getting half of his assets and this could be one of the reasons for the financial problem that the management is facing right now.

The team, as well as other important people, is actually blaming the bankruptcy on Commissioner Bud Selig’s negative response and, eventually, rejection to sign a multi-billion dollar TV deal wit Fox. This agreement is said to be the one that McCourt was depending on, this was said to be the only chance for him to be able to save the franchise. And after quite some time and a number of meetings and discussions, nothing came out of the said deal.

Judge Kevin Gross approved McCourt’s plea to enter into a $150 million bankruptcy financing agreement just to be able to sustain the team and keep it running.

Judge Gross gave the Dodgers’ request for debtor-in-possession financing after lawyers for both sides discussed the matter behind closed doors for over an hour. After the said meeting the group came up with an agreement to make two modifications to the suggested agreement with hedge fund Highbridge Capital.

The league is also actually looking at another side of the story and accused McCourt of drawing off over $100 million in club revenue and pushing the Dodgers into this very deep crisis that they are in right now. The league is also criticizing the very luxurious lifestyle, especially when he was still with his ex-wife. They both lived a life so lavishly, and spending more money than they could spend.

And since Jamie McCourt and Frank already signed the divorce paper, Jamie is now asking for his part of the assets which can be equivalent to almost over half of Frank’s ownership assets. This is something that would really be a very big concern to everybody who is concerned about this whole issue.

Another scenario that could really be a very huge thing is the Dodgers’ bankruptcy filing lists assets of up to $1 billion and their debts of $500 million.