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.
Jul 28, 2015, 11:22 PM EDT
Alvarez served as the Marlins’ Opening Day starter …
Jul 28, 2015, 10:05 PM EDT
Red Sox center fielder Mookie Betts tracked down a hardly hit ball from White Sox slugger Jose Abreu on Tuesday night but lost it when he fell into the bullpen …
Jul 28, 2015, 9:32 PM EDT
Martinez was inducted into the Hall of Fame on Sunday.
Jul 28, 2015, 8:40 PM EDT
Hamels would join Dallas Keuchel and Scott Kazmir in an excellent, postseason-ready Astros rotation.
Jul 28, 2015, 7:47 PM EDT
Angels center fielder Mike Trout went 4-for-4 with two homers and five RBI in Sunday’s series finale against the Rangers, but he also suffered a left wrist injury in that game when he tried to make a diving catch …
Jul 28, 2015, 6:54 PM EDT
In a span of about 10 minutes the Angels landed two outfielders …
Jul 28, 2015, 6:30 PM EDT
This time it’s for both Stanozolol and Boldenone.
Jul 28, 2015, 6:16 PM EDT
Papelbon owns a sparkling 1.59 ERA and 40/8 K/BB ratio in 39 2/3 innings this season for the Phillies, and he’s 17-for-17 in save opportunities.
Jul 28, 2015, 4:30 PM EDT
Voters who are more than 10 years removed from covering the game will no longer get to vote in Hall of Fame elections
Jul 28, 2015, 4:17 PM EDT
Hamels threw a no-hitter against Cubs on Saturday.
Jul 28, 2015, 4:09 PM EDT
The Nats may soon have two solid closers.
Jul 28, 2015, 4:00 PM EDT
And he thinks Carlos Gonzalez is the next one out the door. He’s probably right.
Jul 28, 2015, 3:45 PM EDT
Designated for assignment by the Giants last week.
Jul 28, 2015, 3:29 PM EDT
Why, I have no idea.
Jul 28, 2015, 2:40 PM EDT
General manager Dayton Moore is not messing around.
Jul 28, 2015, 1:01 PM EDT
Washington or elsewhere?
Jul 28, 2015, 11:50 AM EDT
Coors Field is powerful, but Tulowitzki is great anywhere.
Jul 28, 2015, 11:33 AM EDT
He would be a nice addition to the Nats’ pen, but a costly one given his $13 million vesting option.
Jul 28, 2015, 11:19 AM EDT
Swanson was scheduled to join a minor-league team later this week after signing for $6.5 million.
Jul 28, 2015, 11:08 AM EDT
He had a right to be angry, but maybe he overdid it a bit?
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- Settling the Scores: Wednesday’s results (106)