Dodgers media rights expected to pay down debt

(CBS News) - Media rights to the Los Angeles Dodgers games may be pivotal in getting the team out of debt in the years ahead.

"The media rights will ultimately go towards paying down (the team's) debt," Rebecca Jarvis explained on "CBS This Morning." "The question is, at what point does it get paid off, so they can really invest in the team because that's what the team desperately needs."

Magic Johnson group buys LA Dodgers at auction

The bankrupt baseball team is being bought by an investment group headed by NBA legend Magic Johnson for $2 billion. If the deal is approved, it'll be a record price for any sports franchise.

But the media rights to the team may be even more expensive than the team itself. The Dodgers are expected to sign a media deal in excess of $3 billion in the next year or two, Tom Van Riper, of Forbes magazine, told CBS News.

"Sports is really where the money is going," Van Riper said. "It's the last place where you have an audience that demands to watch it live and will be subject to the commercials."

For almost three years, the nasty divorce saga of Dodgers' owner Frank McCourt and his now ex-wife Jamie filled headlines with tales of extravagant spending. As the sordid details spilled out, Major League Baseball realized Frank McCourt was running the team with hundreds of millions of dollars of borrowed money.

Last June, Frank McCourt went from divorce court to bankruptcy court when the Dodgers filed for Chapter 11 protection. And last fall, Frank McCourt gave up. He settled with Jamie and agreed to sell the team.

For more from Rebecca Jarvis on the Dodgers sale, watch the video in the player above.