Joe Torre and his business partner Rick Caruso have withdrawn their bid to purchase the Los Angeles Dodgers, according to a report today from Bill Shaikin of the L.A. Times.

Sources told Shaikin that owner Frank McCourt’s refusal to include the Dodger Stadium parking lots in the sale was a major sticking point — it’s been speculated that McCourt plans to keep the lots and build on them.

It’s unlikely that the former Dodgers manager will reenter the bidding war to purchase the team. While Torre and Caruso believed the parking lots to be negotiable, McCourt has said he has at least one bid that would allow him to keep the lots.

Caruso is perhaps best known for the Grove and Americana shopping and entertainment complexes in Los Angeles.

Major League Baseball executive vice-president of baseball operations, Joe Torre, has reportedly resigned from his position in order to pursue a part-ownership opportunity with the Los Angeles Dodgers.

NEWS: Joe Torre has resigned as @MLB EVP/Baseball Ops to explore opportunities w/ group that will pursue ownership of @Dodgers

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MLB Public Relations (@MLB_PR) January 04, 2012

Torre, 71, served as the manager of the Dodgers from 2008-10 where he posted a 259-229 record. Other well-known stars such as NBA legend Magic Johnson and former Washington Nationals president Stan Kasten are believed to be interested in acquiring the Dodgers as well.

The former manager served just one year as commissioner Bud Selig’s right-hand man in his position with the MLB, but he is best known for his long stint as the skipper of the New York Yankees. From 1996-2007 Torre won four World Series championships with the Yankees, and was named the Manager of the Year in 1996 and 1998.

Torre was also a nine-time All-Star as a player, and in 1971 won both the National League Most Valuable Player award and the batting title.