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.
Mar 28, 2015, 1:32 PM EDT
Lindstrom, who was in camp this spring on a minor league contract, posted an ugly 11.12 ERA and 5/4 K/BB ratio over 5 2/3 innings during Cactus League action.
Mar 28, 2015, 12:45 PM EDT
Thorpe, 19, owns a 2.80 ERA and 179/54 K/BB ratio over his first 157 2/3 innings in pro ball.
Mar 28, 2015, 12:00 PM EDT
Yordano Ventura was recently named as the Royals’ Opening Day starter and he had a heck of a tuneup in his latest Cactus League outing last night.
Mar 28, 2015, 11:01 AM EDT
Phillies closer Jonathan Papelbon said last month that he would be interested in a trade to the Blue Jays and it appears that the possibility might still have some legs.
Mar 28, 2015, 10:11 AM EDT
Pelfrey owns an ugly 5.56 ERA in 34 starts dating back to 2013.
Mar 28, 2015, 9:30 AM EDT
An MRI showed “something” in Christian Vazquez’s right elbow.
Mar 28, 2015, 8:57 AM EDT
This isn’t what you want to hear with the start of the season just one week away.
Mar 27, 2015, 11:55 PM EDT
Marcus Stroman will be a proud college graduate the next time he takes the mound for the Blue Jays.
Mar 27, 2015, 11:05 PM EDT
The Mets are likely to open the regular season without Daniel Murphy at second base.
Mar 27, 2015, 10:15 PM EDT
Alex Rios says he’ll have to manage his thumb injury throughout the duration of the 2015 season.
Mar 27, 2015, 9:25 PM EDT
Jeff Francoeur threw out Alex Rodriguez at the plate. It’s 2015, not 2011.
Mar 27, 2015, 8:35 PM EDT
The Twins reportedly have a bit of interest in free agent reliever Rafael Soriano.
Mar 27, 2015, 7:45 PM EDT
Domonic Brown is battling an Achilles injury, leaving him unlikely to play on Opening Day.
Mar 27, 2015, 6:55 PM EDT
Brandon League isn’t likely to pitch for a couple of months according to manager Don Mattingly.
Mar 27, 2015, 6:05 PM EDT
It doesn’t seem like the Nationals and Jordan Zimmermann will reach an agreement on a contract extension before the regular season begins.
Mar 27, 2015, 4:40 PM EDT
Drabek was once a top prospect and the Blue Jays acquired him from the Phillies in the Roy Halladay trade.
Mar 27, 2015, 4:13 PM EDT
The Rule 5 pick had a decent shot of making the Mariners’ pen out of camp.
Mar 27, 2015, 3:20 PM EDT
Should we be taking the rebuilt White Sox seriously as contenders?
Mar 27, 2015, 2:34 PM EDT
Verlander has continued to struggle this spring.
Mar 27, 2015, 2:01 PM EDT
There is only one reason a player should be tested for drugs as often as David Ortiz claims he has been: a previous positive test.
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