The team’s debt stood at $579 million as of January, according to a court filing, but McCourt stands to make hundreds of millions of dollars.
The sale price set a record; Stephen Ross forked out $1.1 billion for the NFL’s Miami Dolphins in 2009, and Malcolm Glazer and his family took over England’s Manchester United soccer club seven years ago in a deal then valued at $1.47 billion.
The previous record for a baseball franchise was the $845 million paid by the Ricketts family for the Chicago Cubs in 2009.
NL Cy Young winner Clayton Kershaw said the ownership issues didn’t weigh on the team last year because it was out of the players’ control. He said the squad has had an opportunity to meet the new owners and he’s excited about the future.
“It’s the end but it’s also the beginning,” Kershaw said. “It’s a cool time.”
AP Sports Writer Pat Graham in Denver contributed to this report