In making the announcement of the finalisation of the deal, McCourt stated: "Welcome to a new era of Dodger baseball. I intend to restore the glory days of Dodger baseball with a team worthy of support from our fans. We've committed not just to buy this team, but to win a world championship."
The price is the second-highest for a baseball team, trailing only the $660m paid for the Boston Red Sox two years ago. The highly leveraged purchase, likely to be completed within a week, probably will set off the third change in management in six years for the marquee franchise, which hasn't qualified for the playoffs since 1996.
McCourt stated he will pay over $200m in cash in the purchase, emphasizing that he wants the Dodgers to win immediately and plans to pay what's necessary to do so.
Los Angeles finished with a $113.2m payroll last year.
