Embattled Los Angeles Dodgers owner Frank McCourt has been offered $1.2 billion to buy the team by a fellow LA businessman.

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.

The bid is expected to be an all cash payment to purchase the team itself, plus all of the franchise's real estate holdings, plus the club's media rights, according to the paper.

In addition, the Times reported that the offer is set to expire in 21 days, with a goal of closing on a deal within a 90-day window, with the approval of both the bankruptcy court involved in the ownership situation already and Major League Baseball.

If accepted, the price tag will set a record for the highest transaction for one baseball team, eclipsing the $845 million fronted by the Ricketts family to buy the Chicago Cubs from the Tribune Company in January of 2009.

McCourt has been involved in a protracted process surrounding the fate of the Dodgers, which has included a divorce from his wife and a battle over which of the two should retain control of its operation.