It look roughly 20 months, but Frank and Jamie McCourt have reached agreement on a divorce settlement. Bill Shaikin of the Los Angeles Times broke the news. There are still details to be released, but Tim Brown of Yahoo said the agreement, which still needs to be approved by the court, is contingent upon the Fox television contract being approved by MLB, which seems about as likely as unicorns existing.
Now what?
The McCourts still need the Fox deal to survive, and Bud Selig doesn't seem eager to approve the deal anytime soon. What we have here is a game of chicken, where MLB will take its time in its investigation of the Dodgers, waiting for the team to miss a payroll. The latest reports were that McCourt doesn't have enough cash to cover the payroll on June 30, but we also heard that about each of the last two or three payrolls as well, and those were met.
Now, we wait for two weeks, to see if the next payroll is met. Or the next one, and so on.
UPDATE: A copy of the settlement document can be found here, via the LA Times (PDF file).