As we have written in previous posts, the hearing wherein Jamie and Frank McCourt argue over the ownership of the L.A. Dodgers was scheduled to begin Aug. 30. The trial date has come and gone, and the McCourts have been in court over the course of the week, delving into the details of the couple's marital property.

What has come to light in the last couple of days has less to do with the couple's marital property agreement, but it is still important regarding the future ownership of the Dodgers. Financial reports about the Dodgers' financial standing have been made public, and it sounds like the McCourts are fighting over a team that has more debt than value at this point.

The amount of debt owed by the organization is estimated at $433 million. The McCourts bought the team in 2004 for only $3 million less that amount. Obviously, however, because they both continue fighting for ownership, neither Frank nor Jamie McCourt is scared off by the team's financial situation and trying to bail.

Frank McCourt has taken the stand this week in the special asset division trial and argues that his wife was not interested in being an owner of the Dodgers because it was too risky. He also asserts that despite the existence of contracts that list Jamie McCourt as co-owner, those documents were made in error and are not valid. He passionately refutes that the documents were fraudulently handled, as has been suggested by his wife's legal team.

After this hearing is over, the couple will have a chance to try to settle and make a decision outside of court. If they cannot come to an agreement, then a judge will have the authority to rule who is owner of the Dodgers; he could also order that the team be sold to another party.

Resource

Los Angeles Times: Frank McCourt has taken Dodgers deep in debt (9/1/2010)