Los Angeles, CA -- The Fox Entertainment Group and Boston real estate developer Frank McCourt reached an agreement in principle Friday for the sale of the Los Angeles Dodgers according to FoxSports.com. The agreement between the two sides is subject to Major League Baseball approval.

Terms of the deal were not disclosed, but initial reports indicated that McCourt could be offering around $330 million for the team, Dodger stadium and surrounding property, Dodgertown in Vero Beach, Florida and a player- development facility in the Dominican Republic.

"We have been privileged to own one of America's most enduring sports franchises for more than five years," said President and Chief Operating Officer of the Fox Entertainment Group Peter Chernin, in a statement released by Fox Entertainment Group. "Frank and Jamie McCourt have a remarkable enthusiasm for baseball and a profound commitment to the community. Their extraordinary business acumen and understanding of the complex issues facing the game today ensure success for the Dodgers organization for many years to come."

The 49-year-old McCourt, whose grandfather was the part owner of the Boston Braves, was finally able to purchase a team after failing to land the Boston Red Sox and Anaheim Angels over the past couple of years.

McCourt serves as President and CEO of the McCourt Company, a Boston firm that is primarily involved in real estate.

"I am personally grateful to Peter Chernin and the Fox organization for their professionalism and diligence throughout these complex negotiations," said McCourt in the same statement. "We have the deepest respect for the history and traditions of the Dodgers, and we recognize the strong contributions the team has made to the local community. That is a major factor in the Dodgers' allure to us, and we look forward to building upon that unique relationship with the City of Los Angeles even further."

The Fox Entertainment Group, which purchased the club for $311 million in 1999, had been trying to sell the team for quite some time, having reported large financial losses over the past couple of years.