Boston real estate developer Frank McCourt put together a group that purchased the team, Dodger Stadium and training facilities in Florida and the Dominican Republic for about $450 million.
The sale was announced by Fox Entertainment Group, which bought the Dodgers from Peter O'Malley and Terry Seidler for $315 million in 1998.
"We have the deepest respect for the history and traditions of the Dodgers," Frank McCort said.
McCourt previously attempted to buy the Boston Red Sox and Anaheim Angels. His grandfather once owned of the Boston Braves.
Fox reportedly had been close to a deal with Tampa Bay Buccaneers owner Malcolm Glazer.
The purchase must be approved by Major League Baseball.
Members of Congress to keep receiving porn magazine
Putin thinks Obama would save him if he were drowning