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Founder of Project Liberty and Executive Chairman of McCourt Global, Frank McCourt announced his plan to organize a bid to acquire TikTok in the US in May 2024. Recently, Canadian businessman and investor Kevin O'Leary met President-elect Donald Trump to discuss the particulars of the deal, announcing that he is joining McCourt in his bid to buy TikTok.
In an interview with Fox News dated January 7, 2025, O'Leary said:
"I have joined with Frank Mccourt to buy TikTok, it's a very complicated deal, it's a multibillion-dollar deal… I wanted to let him know as well as others in his cabinet that we’re doing this.. we’re going to need their help"
Kevin O'Leary called the deal a "bipartisan situation" stating that they'll initially have to work with Biden and then with President-elect Donald Trump.
According to Celebrity Networth, Frank McCourt has a net worth of $1.2 billion. The civic entrepreneur is the owner and chairman of the MLB's Los Angeles Dodgers and Dodger Stadium among other ventures.
More details on Frank McCourt's finances explored
Frank McCourt purchased the MLB's Los Angeles Dodgers in 2004 for approximately $430 million from Rupert Murdoch's Fox Entertainment Group. The Celebrity Networth portal mentions that McCourt financed most of the Dodgers' deal via debt and kept his parking lot property in Boston as collateral. However, he acquired the Dodger Stadium and its surrounding parking lot land through the transaction.
Additionally, the entrepreneur raised tickets and concession prices every year to offset the cost of his purchase and this resulted in the value of Dogers being an estimated $727 million in 2010. He sold the Los Angeles Dodgers to Guggenheim Baseball Management for $2.15 billion.
In 2016, the entrepreneur bought the French Ligure 1 football club Olympique de Marseille for a reported €45 million. Then, McCourt appointed Rudi Garcia as the coach, and Jacques-Henri Eyraud as the president of the club, and pledged investments of €200 million in the football club through 2020. McCourt also purchased half of the Global Champions Tour in 2014. In 2017 he co-founded the Miami Celtics with his wife Monica McCourt.
In addition to spending on various ventures, Frank McCourt underwent a divorce from his first wife Jamie after 30 years of marriage in 2009. The divorce proceedings consisted of a dispute over the ownership of Dodgers. As per the Los Angeles Times, during the divorce battle that was finalized in 2011, both Frank and Jamie spent close to $20 million on lawyer fees.
As for properties, McCourt and his ex-wife Jamie paid $21.3 million for two properties in LA's Holmby Hills neighborhood in 2004 wherein one consisted of a large mansion and one was an undeveloped lot. The couple spent an additional $14 million on construction costs and renovations. According to the report of McCourt and Jamie's divorce fillings, the couple paid $202,000 every month on the maintenance of the Holmby property. Post their divorce, Jamie received the L.A. estate.
In a statement announcing that Project Liberty was organizing a bid to acquire TikTok in May 2024, Frank McCourt mentioned that he aims to preserve and enhance the experience of TikTok. His plan aimed at giving creators and individuals the control and value they deserve concerning who can access their data and how it is used.
