Lawyers and McCourt Finish Sale Revisions

Lawyers for News Corp., the Dodger owner, and Frank McCourt, the Boston real estate developer bidding to buy the club, completed work Thursday on revisions in the purchase agreement expected to be voted on by major league owners next week.

Bob DuPuy, baseball’s chief operating officer, said he did not know the specific timetable, but sources connected with the process speculated that Commissioner Bud Selig will probably discuss the revised agreement with his ownership committee and executive council by phone on Tuesday, after which it is expected to go to the owners with the committee’s endorsement for a conference call vote on Thursday.

McCourt requires approval from 22 of the 30 clubs, but endorsement by the ownership committee generally equates to approval by the owners. The transaction must by completed by Jan. 31, according to the agreement between McCourt and News Corp.

The Boston developer had proposed financing his $430-million purchase through loans, but News Corp. will stay on as a minority partner to bring McCourt closer in line with baseball’s debt service rule. In the new agreement, 20% to 25% of the $205 million News Corp. was loaning McCourt to facilitate the sale will be converted to equity. In addition, the agreement requires McCourt to find a Los Angeles area investor to buy out News Corp.’s equity within a one-year to two-year window.