"Peter O’Malley has withdrawn his bid to buy the Dodgers, two people familiar with the sale process said," reports Bill Shaikin in the Los Angeles Times.

The story adds, "According to one of the people, O’Malley was concerned he might not win the bidding even if he made the highest offer. O’Malley, 74, publicly called for [Frank] McCourt to sell the Dodgers before Commissioner Bud Selig applied pressure for him to do so. In a September 2010 interview with The Times, with McCourt and his ex-wife in the midst of a highly publicized divorce trial, O’Malley said, ‘The current Dodgers ownership has lost all credibility throughout the city.’"

The article notes: "Backed in part by the South Korean conglomerate E-Land, O’Malley was one of 11 bidders to survive the first cut" in the bidding for the team.

Previously, the story says, O’Malley has said: "The Dodgers need to be owned by a small but diverse group of Los Angeles people who understand the culture of the organization and the importance of the Dodgers in this city. If there’s a role for me — temporarily, short term — to accomplish that, I would devote as much time and energy as necessary."

Peter’s father, Walter, who was general counsel for the Brooklyn Dodgers in the 1940s, bought into the team in 1950. Walter was instrumental is moving the Dodgers to Los Angeles in 1958, Peter grew up working in the Dodgers organizaton before becoming president of the organizaton in 1970. Walter died in 1979. Peter sold the team to News Corp. in 1998.