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.
May 29, 2015, 10:10 PM EDT
Rafael Soriano still wants to pitch and has fired agent Scott Boras in an effort to find work.
May 29, 2015, 9:18 PM EDT
Josh Hamilton hit his first home run of the season on Friday night against the Red Sox.
May 29, 2015, 8:52 PM EDT
Rockies starter Chad Bettis is trying to throw a no-hitter against the Phillies.
May 29, 2015, 8:35 PM EDT
The Mets will be without catcher Travis d’Arnaud a little while longer due to a bone bruise in his wrist.
May 29, 2015, 8:08 PM EDT
The Mariners will lose starter James Paxton for a couple of weeks due to strained finger tendon.
May 29, 2015, 7:42 PM EDT
Stephen Strasburg came out of Friday’s start after facing one batter in the second inning against the Reds.
May 29, 2015, 6:55 PM EDT
More than one in two fans of major league baseball prefer having the pitcher hit as opposed to a designated hitter.
May 29, 2015, 6:05 PM EDT
Tuffy Gosewisch may be dealing with a torn ACL, which would likely end his season.
May 29, 2015, 4:50 PM EDT
Wieters hasn’t played in the majors in nearly 13 months.
May 29, 2015, 4:33 PM EDT
Schilling says Amaro lacks self awareness, is elitist and has not been successful as a manager.
May 29, 2015, 3:55 PM EDT
Or much of anything else, really.
May 29, 2015, 3:30 PM EDT
Feldman is in the second season of a three-year, $30 million deal.
May 29, 2015, 3:16 PM EDT
“Wow. That is an EXPLOSION of cheese.”
May 29, 2015, 2:31 PM EDT
Sizemore hit just .250 with three homers and a .657 OPS in 99 games for the Phillies.
May 29, 2015, 2:08 PM EDT
Hint: he was doing it with the Braves too.
May 29, 2015, 1:01 PM EDT
Rios has been out since mid-April.
May 29, 2015, 12:52 PM EDT
43-years-old in years, 16 in temperament.
May 29, 2015, 12:16 PM EDT
Asche spent about three weeks in the minors.
May 29, 2015, 11:50 AM EDT
You can breathe now, Pirates fans. He’s back.
May 29, 2015, 11:19 AM EDT
Crisp is making $11 million this season and is owed $11 million next year.
- Video: Josh Hamilton hits his first home run of the season 10
- Rockies starter Chad Bettis loses his no-hitter in the eighth inning 1
- Stephen Strasburg exits start in the second inning with an apparent injury 4
- More than half of polled baseball fans prefer having the pitcher hit 46
- The Marlins aren’t happy with the Dan Jennings hire 41
- Andrew McCutchen is doing just fine now, thank you 19
- The schedule: if it ain’t broke, don’t fix it 69
- And That Happened: Thursday’s scores and highlights 72