LOS ANGELES (KTLA) -- Frank McCourt has been offered $1.2 billion to sell the Dodgers, the Los Angeles Times reports, a record offer for a Major League Baseball team.

The offer comes from Los Angeles Marathon founder Bill Burke and is funded in part by Chinese investors, the Times says, citing a letter sent to McCourt.

The letter states that the bid would be funded by "certain state-owned investment institutions of the People's Republic of China" as well as unidentified American investors, the Times reports.

Burke has not commented on the bid, and it was not immediately clear if McCourt was receptive to the offer.

He has maintained throughout his divorce proceedings, and the Dodgers bankruptcy case, that he does not plan to sell the team.

The Times reports that the bid is an all-cash offer, and encompasses the Dodgers, all real estate related to the team and the team's media rights.

Frank McCourt's attorneys have said he could try to keep Dodger Stadium and the parking lots -- effectively becoming the Dodgers' landlord -- even if he did sell the team.

The letter states that the bid would expire in 21 days.

The Burke group would like to close the deal within 90 days, pending approvals from the bankruptcy court and Major League Baseball.

It's not clear whether the offer would have to be approved by McCourt's ex-wife, Jamie McCourt, who claims she owns half of the team.

The record price for the sale of a MLB team was set two years ago, when the Ricketts family bought the Chicago Cubs from Tribune Co. for $845 million.

That deal included the team, Wrigley Field and a 25 percent stake in a cable sports channel.

The Dodgers were valued at $800 million by Forbes magazine in March of 2010. The value of the team may have dropped to closer to $600 million, according to some estimates.

Burke and his partner sold the L.A Marathon in 2004. McCourt is the current owner. He bought the race from Devine Racing in 2008.