The LA Dodgers baseball club is to be sold to a consortium that includes the former basketball star Magic Johnson.
The club and owner Frank McCourt said they planned to sell the team for $2bn (£1.25bn) to Guggenheim Baseball Management LLC.
The sale, a record price for a sports team, could help the club to emerge from bankruptcy.
As part of the deal Mr McCourt and some affiliates of the buyers plan to form a joint venture to buy Dodger Stadium.
The deal is subject to approval in a federal bankruptcy court.
The business - one of the most prestigious franchises in sport - has been overseen by a bankruptcy court since June.
That followed a move in April last year by Major League Baseball, the sport's ruling body, to take over the day-to-day running of the club following questions about its financing and a fight for ownership between Mr McCourt and his former wife Jamie.
The announcement came shortly after Major League Baseball owners had approved three bidders for an auction of the team which was expected to start later on Wednesday.
Mr McCourt said: "This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots."
News Corporation's Fox sports unit and Time Warner Cable are now expected to battle for the rights to screen the team's games.
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