Major League Baseball's Los Angeles Dodgers have filed for bankruptcy protection.

Team owner Frank McCourt is blaming baseball commissioner Bud Selig for refusing to approve a television deal that he said would have assured financial stability for the team.

The league took over business operations of the Dodgers earlier this year because McCourt's fight with his ex-wife over ownership of the team left it in a state of uncertainty. This came after a court invalidated McCourt's sole ownership of the Dodgers.

In a news release, the team said Chapter 11 bankruptcy protection will provide the Dodgers with a process to address their immediate financing requirements and obtain the capital necessary to ensure long-term financial stability.

The Dodgers say they have arranged to borrow $150 million to keep operating normally while in bankruptcy.

According to Forbes, the team is worth $800 million which makes it the third most valuable major league baseball team after the New York Yankees and Boston Red Sox.

The Dodgers are currently in fourth place in the National League's West Division with 35 wins against 44 losses.