Frank McCourt offered $1.2B for Dodgers

According to the Los Angeles Times on Thursday, Bill Burke, who founded the Los Angeles Marathon, made the offer - which is partially funded by interests from the People's Republic of China - via letter sent to McCourt on Tuesday.

If accepted, the price tag will set a record for the highest transaction for one baseball team.

The bid is expected to be an all-cash payment to purchase the team, real estate holdings and media rights, according to the paper. The Times also reported the offer is set to expire in 21 days.