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 25, 2014, 4:45 PM EDT
No word on whether the Dodgers are one of them.
Jul 25, 2014, 4:20 PM EDT
Presumably enough time has passed for some of the animosity to fade, but Ortiz’s at-bats will definitely be worth watching tonight.
Jul 25, 2014, 4:02 PM EDT
Acquired from the Rockies yesterday for cash considerations, left-hander Chris Capuano will join the Yankees’ rotation and make his debut Saturday versus the Blue Jays.
Jul 25, 2014, 3:14 PM EDT
Tonight makes sense. Yesterday’s benching still makes none.
Jul 25, 2014, 2:44 PM EDT
McGuire was the 11th overall pick in 2010 and his pro career got off to a good start, but he’s struggled against more experience competition and has an ERA above 5.00 between Double-A and Triple-A.
Jul 25, 2014, 2:20 PM EDT
Issues caused by pre-existing injuries could lead to more disagreements, such as the one between Brady Aiken and the Astros that was played out on a public stage.
Jul 25, 2014, 1:13 PM EDT
At age 41 he’s at risk to break down, but Colon has a 2.98 ERA in his last 12 starts with a 62/14 K/BB ratio and .217 opponents’ batting average in 85 innings.
Jul 25, 2014, 1:01 PM EDT
Greg Maddux was a magician on the mound, and now he’s going to the Hall of Fame, writes Joe Posnanski.
Jul 25, 2014, 12:57 PM EDT
[but watch that bat-flippin', buddy]
Jul 25, 2014, 11:51 AM EDT
Rollins also has the ability to block any potential trade, so even if contending teams think having him locked into place for 2015 adds to their interest level it may be a moot point.
Jul 25, 2014, 11:33 AM EDT
They are obviously deserving of induction, but their induction also serves some political ends too.
Jul 25, 2014, 11:19 AM EDT
Greg Maddux looked like a guy who should be riding a Metra commuter train to his 9-to-5 job in the Loop, maybe sneaking out later to catch a Cubs game and have a few beers at Wrigley Field.
Jul 25, 2014, 11:03 AM EDT
OK, we’ll just accept that you have not at least talked about taking one of the few options you have regarding Howard, Ruben.
Jul 25, 2014, 10:47 AM EDT
Kyle Gibson has had an up-and-down first full season for the Twins and now he may wind up on the disabled list with a back injury.
Jul 25, 2014, 10:38 AM EDT
He’s a double threat: bad and expensive.
Jul 25, 2014, 10:15 AM EDT
After a huge spring training that won him the Mariners’ starting shortstop job Brad Miller has struggled mightily, hitting .205 with a .599 OPS and 74/25 K/BB ratio in 86 games.
Jul 25, 2014, 9:57 AM EDT
Injuries are mounting for the first place Giants.
Jul 25, 2014, 9:34 AM EDT
A great, great ballplayer seems to be in denial about his career being over.
Jul 25, 2014, 8:55 AM EDT
With Joakim Soria watching from the sidelines, the Tigers embattled closer shuts down one of the best offenses in baseball.
Jul 25, 2014, 7:17 AM EDT
Ryan Raburn is gonna be buying Corey Kluber steaks for the foreseeable future.
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- MLBPA files grievance against Astros in regard to draft pick situation 35
- The eyes have it: Thomas’ greatness built on patience 14
- Expert’s Corner: How to troll fans of all 30 teams 193
- Mariners re-acquire Kendrys Morales from Twins for Stephen Pryor 22
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- Everything you need to know about next week’s trade deadline 35
- Expert’s Corner: How to troll fans of all 30 teams (193)
- Verducci: baseball should think about an “illegal defense” rule to combat shifts (162)
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