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Associated Press
Los Angeles Dodgers owner Frank McCourt speaks to media outside court Friday June 17, 2011 in Los Angeles. Frank and Jamie McCourt agreed Friday to have a one-day trial to determine if title to the Dodgers is in Frank McCourt's name or if the team should be considered community property in their divorce. (AP Photo/Nick Ut)

To retain ownership of the Los Angeles Dodgers, owner Frank McCourt must overcome two formidable obstacles laid out in a binding settlement he and his ex-wife Jamie reached Friday in their contentious divorce.

Frank McCourt must first receive Major League Baseball's approval of a 17-year television contract with Fox reported to be worth up to $3 billion. Under the settlement, McCourt would receive $385 million upfront, most of which would be used for Dodger-related expenses.

Baseball Commissioner Bud Selig has given no indication if he would approve the deal, but McCourt said MLB officials have asked him to meet select criteria.

"Baseball has been very clear," McCourt said outside court. "They wanted to see this divorce settled, and all this white noise gone, or they wanted Jamie's consent for the Fox transaction or they wanted a judge to give them an order to move forward. Today we have achieved all three."

MLB spokesman Pat Courtney declined comment. Dennis Wasser, an attorney for Jamie McCourt, hopes the TV deal will be finalized early next week. If MLB doesn't approve the TV transaction, the settlement is null and void.

"I am just hoping for resolution, and I hope this is a step in that resolution," Jamie McCourt said.

Some observers said the settlement gives Frank McCourt the legal firepower he needs to get MLB to sign off on the TV transaction.

"There are now no impediments and if the TV deal isn't approved, it's for other reasons than what (MLB) has stated before," said Los Angeles family law attorney Lisa Helfend Meyer, who is not involved in the McCourts' case. The decision to reject the deal would then be "personal" on MLB's behalf and serves as a springboard for Frank McCourt to sue the league, she added.

In addition to the TV deal, the settlement called for a one-day "characterization" trial Aug. 4 to determine if title to the Dodgers is in Frank McCourt's name or if the team should be considered community property and sold.

If Jamie McCourt prevails at trial, the team, stadium and surrounding property — worth hundreds of millions of dollars — would be split between the former couple and "be sold by the parties in an orderly manner under the court's supervision," according to the settlement.

If the Dodger assets are deemed to belong to Frank McCourt, he would give his ex-wife $100 million and she would retain six luxurious homes. He also will continue to pay monthly spousal support up to $650,000, the agreement said.

GUTHRIE COULD MAKE NEXT START: Baltimore Orioles right-hander Jeremy Guthrie has a strained muscle in his back.

Despite the injury, there's still a chance that Guthrie could make his next scheduled start Tuesday.

Guthrie left Thursday's game in Toronto after feeling stiffness in his back. The results of an MRI Friday were "as good as one could have hoped," president of baseball operations Andy MacPhail said.

PAPELBON'S SUSPENSION REDUCED: Boston Red Sox closer Jonathan Papelbon had his suspension stemming from a bumping incident with an umpire reduced from three games to two by Major League Baseball on Friday.

Papelbon, ejected by plate umpire Tony Randazzo during a June 4 game at Fenway Park, will serve his suspension Friday and Saturday, missing two home games against Milwaukee.