Baseball Commissioner Bud Selig stripped Dodgers owner Frank McCourt of financial control of the club Wednesday, saying he would appoint a trustee to oversee the team's business affairs while investigating the "operations and finances of the Dodgers and related entities."

Selig intervened after McCourt required a $30-million loan from Fox last week in order to meet the team's first payroll of the season.

Selig said he would identify the trustee "in the next several days."