As expected, Frank McCourt has agreed to turn over 24 acres of Boston land to News Corp. in a deal that clears a $145-million loan obligation and ends the media giant's direct involvement with the Dodgers.
McCourt and News Corp., in a statement issued Monday, said the Dodger owner "has agreed to sell the property in the Seaport District of Boston to News Corporation." With the transaction, the statement said, McCourt "has fulfilled all obligations incurred with the purchase of the Los Angeles Dodgers ..."
McCourt and News Corp. on Monday declined to discuss the specific financial terms of the deal.
Word that McCourt intended to settle his obligation by handing over the land surfaced early in January. Many in the Boston development industry were surprised that McCourt would agree to surrender land he held for 25 years. But McCourt said this month that he had relocated his Boston-based development business to Southern California.
McCourt used the land near the Boston waterfront as collateral for a short-term, $145-million loan that News Corp. made to him two years ago when he acquired the Dodgers for $421 million.