LOS ANGELES (AP) — Dodgers owner Frank McCourt has bought the operating rights for the Los Angeles Marathon and will switch the race from Sunday to Monday next year.

McCourt's newly formed company, Going the Distance, purchased the rights from Chicago-based Devine Racing Management. The City Council unanimously approved the transfer on Thursday.

"Los Angeles is a world-class city and deserves a world-class race," McCourt said in a statement. "I would like to thank Chris Devine for helping us reach an agreement that puts the interests of the City of Los Angeles first."

Next year's marathon, the 24th running of the event, will be moved from March 1 to Feb. 16, the Presidents Day holiday.

McCourt's company will provide all the financial backing for the race.

"Frank McCourt has proven himself a great steward of one of our city's crown jewels, the Dodgers, and I have great expectations for what he will do with the LA Marathon," Mayor Antonio Villaraigosa said in a statement.