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Frank McCourt agrees to sell Dodgers

Nov 2, 2011, 5:38 AM EDT

File photo of Frank McCourt leaving Stanley Mosk Courthouse after testifying during his divorce trial in Los Angeles

UPDATE:   Major League Baseball and the Dodgers have released a joint statement confirming the earlier Los Angeles Times report:

“The Los Angeles Dodgers and Major League Baseball announced that they have agreed today to a court supervised process to sell the team and its attendant media rights in a manner designed to realize maximum value for the Dodgers and their owner, Frank McCourt.  The Blackstone Group LP will manage the sale process.”

12:48 AM: Rejoice, Dodgers fans.

According to Bill Shaikin of the Los Angeles Times, Frank McCourt has agreed to sell the Dodgers. The team will be auctioned off in bankruptcy court.

No firm details yet, but Shaikin reported late last night that McCourt was nearing an agreement with MLB on a bankruptcy settlement to sell the team. The deal is expected to include Dodger Stadium and the surrounding parking lots. It’s estimated that a sale would command a record asking price of $1 billion or more.

We’ll undoubtedly have a lot more on this situation in the morning, so stay tuned.

  1. lostsok - Nov 2, 2011 at 1:02 AM

    Yea! Our long regional nightmare is almost over!

    • florida727 - Nov 2, 2011 at 7:35 AM

      Note that the article says it will command a record ASKING price of $1 billion. In today’s economy, I’m guessing McCourt will have to settle for nowhere near that amount. Considering the debt involved, the players’ salaries involved, the cost of running the business side of baseball, fan outcry against rising ticket prices, etc., who in their right mind would dump a BILLION dollars into something like this?

      • pellypell - Nov 2, 2011 at 8:44 AM

        Today’s economy has more billionaires now than 2004(year in which McCourt bought the Dodgers)

        2004: 587
        2011: 1,210

        He will find a suitor.

      • xmatt0926x - Nov 2, 2011 at 8:46 AM

        He’ll get the Billion dollars. People that can afford drop a billion dollars know just how to work the bad economy and have probably only gotten richer. Things like a bad economy only affect the other 99.9% of the worlds people.

      • SmackSaw - Nov 2, 2011 at 11:10 AM

        Maybe you can’t afford a billion. There are plenty of conglomerates that will leap at the chance. The Dodgers are a money machine. McCourt was broke when he “bought” them, now he stands to make millions.

      • jwbiii - Nov 2, 2011 at 11:38 AM

        Um, where do you think tax cuts for the wealthy go?

  2. thehypercritic - Nov 2, 2011 at 1:15 AM

    Anyone know if he’s going to sell just the team, or the team as he bought it (with all the associated businesses he broke off from the franchise)?

    • Jeff M. - Nov 2, 2011 at 3:31 AM

      Yes, the sale will include the lots, land, stadium, ect.

  3. pjmarn6 - Nov 2, 2011 at 1:22 AM

    Poor little Rich boy!

  4. brewcrewfan54 - Nov 2, 2011 at 1:22 AM

    I’m sure there will be plenty but at 1 billion ya gotta wonder who is going to be in the running to buy them.

  5. Jeremy Meyer - Nov 2, 2011 at 1:29 AM

    If I understand everything Dodgers will be sold. Team, Stadium, Parking lots etc.

  6. nflinla - Nov 2, 2011 at 1:49 AM

    It’s a great day to be a Dodger Fan. Things are looking up. I hope Mark Cuban buys the team.

    • dormied9027 - Nov 2, 2011 at 8:13 AM

      Mark Cuban would be great! I understand Steve Garvey and his group are in the running!

      • jwbiii - Nov 2, 2011 at 11:40 AM

        Why are you assuming that Steve Garvey would be an upgrade from from the McCourts?

      • SmackSaw - Nov 2, 2011 at 7:00 PM

        Steve Garvey is a scumbag. I’m a Dodger fan.

  7. qcubed3 - Nov 2, 2011 at 2:12 AM

    Anyway HBT can get a picture of that exact moment when McCourt loses the Dodgers?

  8. jimsjam33 - Nov 2, 2011 at 2:15 AM

    Any of the O’Malley’s still around ? Better yet how about a Tommy LaSorda – Vin Sculley led public ownership stock option ?

  9. lanflfan - Nov 2, 2011 at 3:13 AM

    Don’t let the door hit you on the ass Frank, you piece of horse dung.

    Now it’s up to Bud $elig and MLB to approve an owner and right some serious McCourt wrongs.

  10. Brian Murphy - Nov 2, 2011 at 4:06 AM

    I live in Los Angeles and hate the Dodgers.

    But this is great news.

  11. adenzeno - Nov 2, 2011 at 7:35 AM

    Maybe the Wilpons will buy the Dodgers and the Mets will be sold to Cuban…pleeeeeaase

    • paperlions - Nov 2, 2011 at 8:14 AM

      The Wilpons don’t have any money, considering their debts….they are probably poorer than I am.

  12. henryd3rd - Nov 2, 2011 at 7:36 AM

    In these difficult time where does one go to to get financing for a billion dollar franchise? Even Mark Cuban would have trouble pulling that kind of “scratch out of his slide”! Most prudent business men would want to invest their billions in something more stable then the Dodgers. McCourt and company have run the franchise into the ground. Hopefull Bud and company will do a much better job of due diligence when vetting the future prospects

  13. henryd3rd - Nov 2, 2011 at 7:37 AM

    In these difficult time where does one go to to get financing for a billion dollar franchise? Even Mark Cuban would have trouble pulling that kind of “scratch out of his slide”! Most prudent business men would want to invest their billions in something more stable then the Dodgers. McCourt and company have run the franchise into the ground. Hopefully Bud and company will do a much better job of due diligence when vetting the future prospects? Used car salesmen, parking lot moguls, media magnets and ship builders need not apply.

    • Kevin S. - Nov 2, 2011 at 10:21 AM

      With a prudent businessman at the helm, the Dodgers should be incredibly stable, especially if that businessman is well-capitalized enough to launch his/her own RSN. Does anybody SoCal-based know if any of the other local professional teams have soon-ending TV contracts to pair up with a Dodgers RSN and if the Pac-12 Network is actually its own channel (like the Big Ten Network) or if it uses affiliates the same way the SEC Network does?

  14. 4d3fect - Nov 2, 2011 at 8:00 AM

    Ding dong the witch is dead…

  15. rambodiaz - Nov 2, 2011 at 8:09 AM

    And now, we hope that one of the finest franchises in the history of MLB can rise from the ashes. What an embarrassment this has been.

  16. lookatthefarside - Nov 2, 2011 at 8:41 AM


  17. Jonny 5 - Nov 2, 2011 at 8:45 AM

    Ok, so in 2005 (when we were at the top of home/ property values) The Dodgers was worth 424 million dollars.

    CAN SOMEONE PLEASE EXPLAIN TO ME EXACTLY HOW THIS TEAM IS WORTH 1 BILLION DOLLARS TODAY? This sounds like a whole bunch of bullshit and wishful thinking to me. After this dirty dealer gets done with the team and the economy as it is, it’s more than doubled in value in six short years? I highly doubt it.

    • paperlions - Nov 2, 2011 at 8:54 AM

      Because the economy has only been bad for people that work for a living, rich people are far richer than they were 6 years ago (that happens when you can buy the votes necessary to continue to game the system and extract profits without providing any service or value), meaning that more of them can afford to buy things like sports team, which should drive up the price….and this is a rich person purchase.

    • badmamainphilliesjamas - Nov 2, 2011 at 9:49 AM

      Valuation of sports franchises is a fairly murky business, probably as much art as science. It’s likely a mix of hard assets and future income streams…and what the market will bear.

    • anythingbutyanks - Nov 2, 2011 at 10:44 AM

      Because MLB is worth more now than in 2005, with better profits and a stronger following.

    • Jonny 5 - Nov 2, 2011 at 10:59 AM

      Ok, keep them coming folks. We’re not even half way to that extra 576 million in value escalation over the last 6 seasons yet…..

      • Kevin S. - Nov 2, 2011 at 2:14 PM

        Inflation in general, proliferation of RSNs and TV mega-contracts in conjunction with proximity to the end of the Dodgers current TV contract.

  18. RedHeadedBastard - Nov 2, 2011 at 9:30 AM

    He should sell the tam back to Brooklyn.

    • Jeff M. - Nov 3, 2011 at 1:25 AM

      That’s a GREAT idea! Cause the Yankees and the Mets probably wouldn’t mind sharing their market with a third team, and Brooklyn is just dying for a team that moved away to come back more than 50 years later.

      Sheesh. How come people don’t harass the Giants to move back to New York?

  19. yankeesgameday - Nov 2, 2011 at 9:41 AM

    The word auction here is the most interesting. It makes me think anyone with the money can buy the team even if they don’t meet selig’s personal of boys network approval?

    • yankeesgameday - Nov 2, 2011 at 9:42 AM

      Good old boys network. Ugh, edit function pls.

  20. Chris St. John - Nov 2, 2011 at 10:47 AM

    Personal issues aside, I split up the Dodgers team winning percentage by owner era. The team doesn’t look too bad under McCourt:

    • Jeff M. - Nov 2, 2011 at 2:56 PM

      McCourt was lucky enough to have the solid core of Kemp, Kershaw, Broxton, and Loney already coming up when he bought the team. These successes are directly attributable to his predecessors.
      After he bought the Dodgers, he slashed the scouting budget. It may take the Dodgers some time to get back to where they were before the McCourt regime.

  21. Old Gator - Nov 2, 2011 at 1:05 PM

    They ought to put up a statue of McCourt in front of the stadium made out of soap.

    • Francisco (FC) - Nov 2, 2011 at 3:07 PM

      No no no you got it wrong the man is scum and grime not soap!

      • Old Gator - Nov 2, 2011 at 4:26 PM

        I was thinking that with one good rainfall you would be rid of it.

  22. sultanofstats - Nov 2, 2011 at 7:35 PM

    Jamie McCourt gets what, $131M. Does anyone know if she’s seeing anyone?

  23. mondzy805 - Nov 2, 2011 at 8:32 PM

    Thank you Lord. I do believe. Go Blue.

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