Mar 27, 2012, 11:17 PM EST
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.
Dec 21, 2014, 9:11 AM EST
Matt Kemp was introduced to the San Diego media on Saturday at Petco Park …
Dec 20, 2014, 11:50 PM EST
Exciting news for Willie Bloomquist fans.
Dec 20, 2014, 10:45 PM EST
Bounce-back candidate Brandon Beachy has drawn interest from the Rangers lately.
Dec 20, 2014, 9:40 PM EST
Josh Lindblom is taking his talents to the Lotte Giants of the Korea Baseball Organization.
Dec 20, 2014, 7:35 PM EST
The deal between Cuban infielder Roberto Baldoquin and the Angels became official on Saturday after the 20-year-old passed his physical.
Dec 20, 2014, 7:10 PM EST
The Giants reportedly have no plans to attempt to initiate contract talk with free agent Max Scherzer.
Dec 20, 2014, 6:05 PM EST
An unnamed team has reportedly offered a two-year deal to Nick Hundley. It’s not the Orioles.
Dec 20, 2014, 5:26 PM EST
MLB’s waiver rules are complicated enough for fans and those who cover baseball on a regular basis, but apparently they can even confuse teams sometimes.
Dec 20, 2014, 4:06 PM EST
The Phillies could eye Asdrubal Cabrera as a replacement for Jimmy Rollins.
Dec 20, 2014, 2:45 PM EST
Downs had a 4.97 ERA over 55 appearances this past season between the White Sox and Royals.
Dec 20, 2014, 1:30 PM EST
With the Phillies in the middle of a rebuilding effort, they are facing some tough (and long overdue) truths with their veteran players.
Dec 20, 2014, 12:16 PM EST
Tulowitzki would immediately take the Mets from a “maybe” contender to a “legitimate” contender, but don’t get your hopes up.
Dec 20, 2014, 11:01 AM EST
Rollins was officially traded from the Phillies to the Dodgers yesterday in exchange for right-hander Zach Eflin and left-hander Tom Windle.
Dec 20, 2014, 9:59 AM EST
As part of this week’s three-team Wil Myers trade, the Nationals acquired right-hander Joe Ross and a player to be named later. However, the player to be named later isn’t a mystery. It’s shortstop prospect Trea Turner, who is now in limbo after the trade.
Dec 20, 2014, 8:51 AM EST
No word yet on who submitted the top bid.
Dec 19, 2014, 11:30 PM EST
Chase Utley plans to wear Phillies red until his contract runs out.
Dec 19, 2014, 10:25 PM EST
Everything’s coming up Padres lately.
Dec 19, 2014, 9:31 PM EST
Brian Wilson and his beard are back on the free agent market after the Dodgers released him on Friday.
Dec 19, 2014, 9:20 PM EST
The Red Sox have brought back lefty Craig Breslow on a one-year deal for $2 million.
Dec 19, 2014, 8:15 PM EST
The Padres’ outfield should hit a lot of homers in 2015, but they may give back a lot of those runs on defense.
- Phillies GM told Ryan Howard they’d be better off “not with him but without him” 82
- Trea Turner’s agent is unhappy his client is in limbo after trade to Nationals 46
- Nexen Heroes accept Jung-Ho Kang posting fee from unidentified MLB team 31
- Giants acquire Casey McGehee from the Marlins 16
- The Padres have given their fans something to talk about. Which is badly needed in San Diego. 64
- Justin Upton traded to the Padres for three prospects 79
- Bud Selig will get a $6 million a year pension. Which is obscene. 144
- Jake Peavy agrees to a two-year, $24 million deal to stay with the San Francisco Giants 26
- The United States will seek to normalize relations with Cuba (144)
- Bud Selig will get a $6 million a year pension. Which is obscene. (144)
- Cubs, Red Sox, Dodgers, Padres, Rangers, and Astros interested in Phillies’ Cole Hamels (111)
- Rays, Padres, Nationals agree to 11-player trade (97)
- Chase Headley signs a four-year deal with the Yankees worth at least $52 million. (95)