The Los Angeles Times reports that a group of investors indirectly financed by the government of China is offering to buy Major League Baseball's Los Angeles Dodgers for $1.2 billion.

The group is led by Los Angeles Marathon founder Bill Burke, according to a letter sent this week to Frank McCourt, owner of the bankrupt team. The report said the bid is set to expire in 21 days and aims to close the deal within 90 days.

It said the offer for the Dodgers was in all cash and it included related real estate and media rights.

The league, however, appeared skeptical, as executives wondered if the proposal might be used by McCourt to prompt negotiations with other potential buyers, or to persuade a bankruptcy court judge to keep him in charge of the team.

The report said McCourt has discussed the sale of at least a part of the Dodgers with at least two other parties.

Representatives for Burke and McCourt both declined to comment on the Los Angeles Times report.

The Dodgers filed for Chapter 11 protection in June after a failed $3 billion deal for future television rights. In August, the team reached an agreement to accept as much as $150 million in loans from Major League Baseball to keep the team afloat as it works its way through bankruptcy.

The record price for a major league franchise is $845 million paid for the Chicago Cubs two years ago. Forbes magazine estimates the Dodgers are worth $800. McCourt bought the team for $430 million in 2004.