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.
Aug 29, 2015, 9:15 PM EDT
Gavin Floyd will pitch out of the bullpen for the Indians when he is activated on Tuesday.
Aug 29, 2015, 8:20 PM EDT
The Brewers pulled Francisco Rodriguez back after he was claimed on revocable waivers last week.
Aug 29, 2015, 7:28 PM EDT
The Mets have bolstered their bullpen, acquiring Addison Reed from the Diamondbacks.
Aug 29, 2015, 7:15 PM EDT
Lance Lynn hurt his right ankle in the eighth inning of Saturday’s start versus the Giants.
Aug 29, 2015, 6:55 PM EDT
Max Stassi will return to the majors as Jason Castro was placed on the disabled list on Saturday.
Aug 29, 2015, 6:05 PM EDT
2016 will be Vin Scully’s last season behind the mic.
Aug 29, 2015, 5:26 PM EDT
Rzepczynski was just acquired by the Padres last month, but he could soon be on the move again.
Aug 29, 2015, 5:25 PM EDT
Encarnacion extended his hitting steak to 24 games and also drove in a career-high nine runs.
Aug 29, 2015, 4:22 PM EDT
Kimbrel won’t be traded this season.
Aug 29, 2015, 3:57 PM EDT
Gose had a costly brain camp this afternoon against the Blue Jays.
Aug 29, 2015, 2:13 PM EDT
Well done by the Trouts and the Angels.
Aug 29, 2015, 1:13 PM EDT
Mookie Betts and Mookie Wilson will meet Saturday afternoon at Citi Field.
Aug 29, 2015, 12:32 PM EDT
Indians manager Terry Francona has the ability to opt out of his contract if team president Mark Shapiro or general manager Chris Antonetti were to leave the organization.
Aug 29, 2015, 11:36 AM EDT
Morneau has been out since May 13 with a concussion symptoms and a cervical neck strain.
Aug 29, 2015, 10:45 AM EDT
The catwalk at Tropicana Field strikes again. After it robbed Twins rookie Miguel Sano of a home run on Thursday night, it fooled Rays outfield Kevin Kiermaier on this two-run homer from Royals designated hitter Kendrys Morales last night.
Aug 29, 2015, 10:06 AM EDT
Teixeira fouled a ball of his right leg on August 17 and hasn’t seen much in the way of improvement.
Aug 29, 2015, 9:35 AM EDT
With the Braves getting blown out by the Yankees last night, outfielder Jonny Gomes got an opportunity to pitch the top of the ninth inning. As you might expect, it was pretty entertaining.
Aug 29, 2015, 8:55 AM EDT
A quick recap from a busy Friday around MLB, including a dominant outing from Cole Hamels.
Aug 28, 2015, 11:40 PM EDT
Ike Davis recently underwent hip surgery, but is expected to be ready to participate in spring training next year.
Aug 28, 2015, 11:05 PM EDT
Chris Capuano has had an interesting season. In particular, he’s had a busy August.
- Mets acquire Addison Reed from the Diamondbacks 7
- Vin Scully says 2016 will be his last season of broadcasting 15
- Edwin Encarnacion slugs three home runs as Blue Jays thrash Tigers 14
- Mark Teixeira says he’s having “serious pain” when he tries to run 13
- Settling the Score: Friday’s results 22
- Vin Scully will return in 2016 for his 67th season of broadcasting 43
- The Athletics have a travel-heavy 2016 schedule and unsuccessfully tried to have it altered 11
- Mariners fire general manager Jack Zduriencik 78
- Sarah Palin sticks up for Curt Schilling, tells ESPN to “stick to sports” (263)
- Dan Patrick: When does ESPN cut ties with Curt Schilling? (200)
- Curt Schilling taken off of Little League World Series duty for making a really bad tweet (170)
- Curt Schilling taken off of ESPN’s Sunday Night Baseball telecast this week (134)
- Phillies announcer calls Mets fans “obnoxious” (123)