Much more as things develop (keep track of the sidebar to the left), but here's what we know: Major League Baseball has taken over Dodgers financial operations. According to the Times' Bill Shaikin, Fox providing a $30MM personal loan to Frank McCourt last week may have been the final straw for the commissioner's office. Presumably, baseball's annexation of Dodgers operations provides an implicit guarantee of financial backing; MLB won't let the players and staff go unpaid. If baseball does have to finance the Dodgers as a going concern, however, it is nearly impossible to think the Dodgers will stay in McCourt hands.
Jamie, for her part, released a statement expressing approval of baseball's actions (link above). However, the necessity of MLB intervention in the first place is likely terrible news for her. Her biggest payday was going to come from either a sale of the team at market value or a massive check coming from the infusion of new capital in Frank's ownership of the Dodgers, through a sale of a minority share, the creation of a new cable network, or a lucrative extension of the club's current TV deal. Now, everything is in limbo.
As for the McCourts, TMZ is reporting that the IRS is investigation the family's financial dealings over the years. The McCourts have not paid income taxes, as the direct source of their cash was loans taken out against various parts of Dodgers operations. Also reportedly of some concern is the club's practice of employing McCourt children in no-show jobs (and then presumably writing off their salaries as business expenses).
Much more on this story as it develops.