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.
Apr 19, 2014, 11:45 PM EDT
Ike Davis makes a good impression with his new team.
Apr 19, 2014, 11:10 PM EDT
Evan Longoria climbs to the top of yet another Rays franchise leaderboard.
Apr 19, 2014, 10:30 PM EDT
John Lannan will report to Triple-A Las Vegas after being outrighted on Wednesday by the Mets.
Apr 19, 2014, 9:50 PM EDT
Veteran Chris Snyder hangs up the spikes, ending a ten-year stint in the big leagues.
Apr 19, 2014, 9:00 PM EDT
The Rangers lost Jim Adduci with a broken finger, but have called up one of their top prospects.
Apr 19, 2014, 8:15 PM EDT
The Braves could get Gavin Floyd back in early May after he makes at least two more rehab starts.
Apr 19, 2014, 7:35 PM EDT
The camera guy made a faux pas during the first inning of Saturday’s Angels-Tigers game.
Apr 19, 2014, 6:55 PM EDT
With his playing career likely over, Dontrelle Willis is now considering becoming a pitching coach.
Apr 19, 2014, 6:00 PM EDT
Mike Trout attached his name to an ignominious feat on Saturday against the Tigers.
Apr 19, 2014, 5:30 PM EDT
Orioles third baseman Manny Machado continues to make progress from knee surgery. He played five innings at third base and took four at-bats today in an extended spring training game.
Apr 19, 2014, 4:30 PM EDT
Nationals manager Matt Williams decided to pull Bryce Harper from today’s game after he didn’t hustle on a comebacker to the pitcher.
Apr 19, 2014, 4:28 PM EDT
Ike Davis will bat sixth in his Pirates debut this evening against the Brewers.
Apr 19, 2014, 3:31 PM EDT
Yankees closer David Robertson is on track to be activated Tuesday.
Apr 19, 2014, 2:29 PM EDT
Cole Hamels is on track to face the Dodgers next Wednesday in Los Angeles.
Apr 19, 2014, 1:16 PM EDT
The Reds are hoping that Sean Marshall’s shoulder issues are behind him.
Apr 19, 2014, 12:30 PM EDT
I’m warning you, this is pretty scary stuff.
Apr 19, 2014, 11:50 AM EDT
Denard Span had no issues during a brief minor league rehab assignment.
Apr 19, 2014, 11:01 AM EDT
Cesar Cabral was ejected after hitting three batters Friday against the Rays. And then his night got worse.
Apr 19, 2014, 10:10 AM EDT
Adjustments to each rule could be made soon.
Apr 19, 2014, 9:21 AM EDT
Angels first baseman Albert Pujols is closing in on a milestone.
- Bryce Harper pulled from Saturday’s game for not hustling 71
- Report: MLB likely to adjust rules for plays at home and transfer catches 18
- Settling the Score: Friday’s results 17
- Giancarlo Stanton sends the Marlins to victory with a walk-off grand slam 22
- Jason Bartlett will retire after 10 years in the big leagues 11
- Hank Aaron is getting vile racist hate mail in retaliation for pointing out that racism still exists (248)
- “They Don’t Know Henry” (167)
- Doug Glanville’s story about being racially profiled at his own home (125)
- There is still a racial divide in baseball (112)
- And That Happened: Tuesday’s scores and highlights (96)