Mar 27, 2012, 11:17 PM EDT
UPDATE: Here’s the text from the press release, officially announcing word of the agreement between the two sides:
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.”
11:08 PM: Whoa. Dennis K. Berman of the Wall Street Journal reports that Johnson’s group have agreed to purchase the Dodgers for $2 billion. One would think this offer would be good enough to include the parking lots, right?
The good news is that Dodgers fans will have the most popular sports figure in Los Angeles as part of the new ownership group, but McCourt is going to walk away from this thing filthy, stinkin’ rich.
11:06 PM: It’s Showtime.
Details are scarce at the moment, but Ken Gurnick of MLB.com reports that the Dodgers have reached an agreement to be sold to the group led by Magic Johnson and longtime MLB and NBA executive Stan Kasten.
MLB owners had approved the groups led by billionaire hedge-fund manager Steve Cohen and St. Louis Rams owner Stan Kroenke, but outgoing owner Frank McCourt has apparently identified Johnson’s group as the winning bidder. No word yet on the exact terms, but most estimates had the sale price to exceed $1.5 billion, which would establish a new record for a North American sports franchise.
- Five Royals ejected in Sunday’s series finale against the Athletics 44
- White Sox will promote Carlos Rodon on Monday 12
- Another one bites the dust: Mets lose young catcher Travis d’Arnaud to fractured right hand 10
- National League GM says Phillies’ asking price for Cole Hamels hasn’t dropped “one bit” 12
- Giants receive their 2014 World Series championship rings 20
- Angels activate Garrett Richards for Sunday debut 2
- Settling the Score: Saturday’s results 38
- Video: Watch Kris Bryant get his first major league hit and RBI 12
- The Commissioner’s Office thinks that the Angels could indeed go after Josh Hamilton under his contract (153)
- “Why Ted Cruz is like the Atlanta Braves” (150)
- “We no longer need the terrorists. We’re now so good at terrorizing ourselves.” (143)
- Another argument in favor of making the DH universal (127)
- When it comes to Josh Hamilton, Arte Moreno is a craven opportunist, not a “smart businessman” (116)