Bankrupt Dodgers secure Magic deal
Source: Agencies |
March 29, 2012, Thursday
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Print Edition
Print Edition
LOS Angeles Dodgers owner Frank McCourt has announced an agreement on Tuesday to sell the bankrupt team for US$2 billion to a group that includes former Lakers star Magic Johnson and former Atlanta Braves and Washington Nationals President Stan Kasten.
The agreement, revealed about five hours after Major League Baseball owners approved three finalists for the auction, is to lead to a transfer of the team by the end of April. It is subject to approval in federal bankruptcy court.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners would become the controlling owner. The price would be easily a record for a North American sports franchise.
As part of the agreement, the Dodgers said McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium for US$150 million.
The acquiring group, called Guggenheim Baseball Management, includes Mandalay Entertainment chief executive Peter Guber. McCourt paid US$430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the parking lots, from Rupert Murdoch's News Corp.
The agreement, revealed about five hours after Major League Baseball owners approved three finalists for the auction, is to lead to a transfer of the team by the end of April. It is subject to approval in federal bankruptcy court.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners would become the controlling owner. The price would be easily a record for a North American sports franchise.
As part of the agreement, the Dodgers said McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium for US$150 million.
The acquiring group, called Guggenheim Baseball Management, includes Mandalay Entertainment chief executive Peter Guber. McCourt paid US$430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the parking lots, from Rupert Murdoch's News Corp.
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