J. Thomas Schieffer has been hired by baseball Commissioner Bud Selig to run the Los Angeles Dodgers, less than a week after Major League Baseball took over operation of the franchise from owner Frank McCourt.

Schieffer is the former president of the Texas Rangers. MLB announced Monday he had been picked as the franchise's monitor.

Schieffer was an investor in the ownership group headed by George W. Bush and Rusty Rose that purchased the Rangers in 1989. He was the club president from 1991-99 and the franchise's general partner from November 1994 until June 1998.

In seizing control of the franchise, MLB told the Dodgers that any expenditure of $5,000 or more would have to be approved.