Dodgers Sold for $2,000,000,000

The Los Angeles Dodgers have officially announced they have an agreement in place to sell the team to the group led by Magic Johnson for the price of $2 Billion, with a B.  Former Atlanta Braves and Washington Nationals President Stan Kasten and Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, were the other members of the winning group.  The official press release:

LOS ANGELES, March 27, 2012 — The Los Angeles Dodgers and Frank McCourt today announced an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process. The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Mr. McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.

The Los Angeles Dodgers stated, “This transaction underscores the Debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full.”

Frank McCourt stated, “This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community. We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.”

Earvin “Magic” Johnson stated, “I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles.”

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sdcarp
Admin
sdcarp
8 years ago

I can’t believe there are no comments on this one! What’s amazing to me – if I read the reports correctly – is that McCourt still owns 50% of the parking lots. “Word on the street” is that Dodger Stadium parking lots are the most likely destination for the new NFL stadium in Los Angeles. So McCourt stands to make lots more cash. I can’t think of anyone who has gotten more return on investment while being a complete idiot.… Read more »

egossage
egossage
8 years ago
Reply to  sdcarp

Who the hell here cares about the Dodgers? They’re still gonna suck!

sdcarp
Admin
sdcarp
8 years ago
Reply to  egossage

Their “suck” window just got shortened quite a bit. No way Kasten let’s those guys languish in last place for long. They’ll go crazy in the FA market this next offseason, and also quickly recommit to their once legendary minor league system. We better kick them while they’re down!

Mike Raysfan
Mike Raysfan
8 years ago
Reply to  egossage

Don’t be surprised if the Dodgers finish 2nd in the West.

OrangeRocks
OrangeRocks
8 years ago
Reply to  jaredean

Got an actual autographed Steve Garvey baseball that he signed for my son back in the day. He was coming back to the Mile High dugout (MLB exhibition game years before we got the Rockies) after an inning ending play at first base and he casually threw the ball right to my son along the first baseline. Later we sent that ball to him with a letter requesting that he autograph and return it, which he graciously did. My son… Read more »

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