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, 2015, 2:05 PM EDT
There’s so much gold in this new Red Bull spot for Cubs rookie third baseman Kris Bryant …
Apr 19, 2015, 1:30 PM EDT
Puig, who boasts an .886 through 34 plate appearances, is considered day-to-day.
Apr 19, 2015, 12:41 PM EDT
Carrasco was lucky to avoid a serious injury. These reschedulings seem to be completely precautionary.
Apr 19, 2015, 11:57 AM EDT
Span underwent surgery for a sports hernia in December and then needed a followup procedure for a core muscle injury in early March.
Apr 19, 2015, 11:04 AM EDT
It’s been a rough first couple of weeks for the 2015 Giants, who sit in last place in the National League West with a record of 4-9 and a -21 run differential. But they got to do some celebrating Saturday night …
Apr 19, 2015, 10:18 AM EDT
This will be the first start for Richards since he tore the patellar tendon in his left knee last August in Boston.
Apr 19, 2015, 9:25 AM EDT
Jason Heyward hit his first home run as a member of the Cardinals on Saturday in St. Louis …
Apr 19, 2015, 8:33 AM EDT
Mark down seven straight wins for the Mets, who will try for a four-game Citi Field sweep of the Marlins on Sunday afternoon behind staff ace Matt Harvey.
Apr 18, 2015, 11:26 PM EDT
Grant Balfour was designated for assignment following a disastrous Saturday night against the Yankees.
Apr 18, 2015, 11:01 PM EDT
Joe Nathan could be activated from the disabled list as soon as Wednesday.
Apr 18, 2015, 10:00 PM EDT
If you’re in the mood for a laugh, you’ll want to read this story involving Indians manager Terry Francona and his dad Tito.
Apr 18, 2015, 9:10 PM EDT
Kris Bryant, one of baseball’s top prospects, earned his first major league hit and RBI on Saturday afternoon against the Padres.
Apr 18, 2015, 8:16 PM EDT
More drama involving the Athletics and Royals.
Apr 18, 2015, 7:45 PM EDT
Did Brett Lawrie apologize to Alcides Escobar for his hard slide in Friday’s game between the Athletics and Royals? We’re not sure.
Apr 18, 2015, 6:55 PM EDT
Ryan Braun will lead off for the first time in his career in Saturday’s game against the Pirates.
Apr 18, 2015, 6:05 PM EDT
Jake Peavy is dealing with lower back issues.
Apr 18, 2015, 5:32 PM EDT
Hamilton suffered the injury beating out an infield single in the eighth inning.
Apr 18, 2015, 5:25 PM EDT
Justin Verlander’s return to the Tigers doesn’t appear imminent.
Apr 18, 2015, 5:20 PM EDT
Hamilton filed for divorce in late February, which is right around the time when word leaked about his offseason drug relapse.
Apr 18, 2015, 4:19 PM EDT
You’ll be seeing MLB’s all-time hits leader Pete Rose in FOX’s coverage of baseball this season.
- Giants receive their 2014 World Series championship rings 7
- Angels activate Garrett Richards for Sunday debut 2
- Settling the Score: Saturday’s results 38
- Video: Watch Kris Bryant get his first major league hit and RBI 12
- Yordano Ventura ejected for hitting Brett Lawrie with a pitch 38
- Pete Rose joins FOX as a baseball analyst 25
- Settling the Score: Friday’s results 55
- Josh Hamilton’s teammates say he’s in great shape and ready to play 28
- The Commissioner’s Office thinks that the Angels could indeed go after Josh Hamilton under his contract (153)
- “Why Ted Cruz is like the Atlanta Braves” (150)
- “We no longer need the terrorists. We’re now so good at terrorizing ourselves.” (143)
- Another argument in favor of making the DH universal (127)
- When it comes to Josh Hamilton, Arte Moreno is a craven opportunist, not a “smart businessman” (116)