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 30, 2014, 11:45 PM EDT
The Brewers will get Matt Garza back in the rotation on Wednesday, when they’ll take on the Cubs at Wrigley Field.
Aug 30, 2014, 11:05 PM EDT
Brandon Belt will be limited to cardio for another week and a half. The first baseman has been sidelined since early August with concussion symptoms.
Aug 30, 2014, 10:46 PM EDT
Kelly Johnson completes his tour of the AL East as the Orioles acquired him from the Red Sox on Saturday evening.
Aug 30, 2014, 10:20 PM EDT
The Angels, searching for a rotation upgrade after losing Garrett Richards to an injury, had interest in A.J. Burnett of the Phillies, but the right-hander’s player option for 2015 was a deterrent.
Aug 30, 2014, 9:29 PM EDT
The Orioles acquired outfielder Alejandro De Aza from the White Sox in exchange for a pair of low-level minor league pitchers on Saturday.
Aug 30, 2014, 9:10 PM EDT
Dustin Pedroia took an elbow to the head in the second inning of Saturday’s game against the Rays, and had to leave the game.
Aug 30, 2014, 8:15 PM EDT
It’s been more than two years, but Daniel Hudson will return to the major leagues on Tuesday or Wednesday, pitching out of the Diamodnbacks’ bullpen.
Aug 30, 2014, 7:20 PM EDT
Hanley Ramirez worked out quickly in front of manager Don Mattingly and trainer Stan Conte, who deemed him fit to play on Saturday against the Padres.
Aug 30, 2014, 6:25 PM EDT
Derek Holland will make his 2014 debut on Tuesday against the Royals, also helping the Rangers claim a major league record.
Aug 30, 2014, 5:41 PM EDT
Puig has really scuffled this month, hitting .218/.306/.241 with two extra-base hits (both doubles) over 24 games.
Aug 30, 2014, 4:29 PM EDT
Drew Hutchison and Aaron Sanchez shut down the Jacoby Ellsbury-less Yankees.
Aug 30, 2014, 3:50 PM EDT
The White Sox are reportedly interested in signing Victor Martinez away from a division rival.
Aug 30, 2014, 2:58 PM EDT
Deduno has split this season between the starting rotation and the bullpen, putting up a 4.60 ERA and 74/41 K/BB ratio in 92 innings over eight starts and 22 relief appearances.
Aug 30, 2014, 2:07 PM EDT
Bryce Harper hit one of six home runs for the Nationals last night in an 8-3 victory over the Mariners. In doing so, he joined some impressive company.
Aug 30, 2014, 1:02 PM EDT
It will be his first game action since 2012.
Aug 30, 2014, 12:01 PM EDT
The A’s are calling him day-to-day.
Aug 30, 2014, 11:05 AM EDT
And wouldn’t you know it, it worked.
Aug 30, 2014, 11:01 AM EDT
Ellsbury injured his left ankle on a slide into home plate on Friday night.
Aug 30, 2014, 10:36 AM EDT
Pearce owns a surprising .289/.354/.532 batting line with 16 home runs and 37 RBI over 85 games this season.
Aug 30, 2014, 9:35 AM EDT
The two homers traveled a combined 858 feet.
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- Orioles acquire Alejandro De Aza from the White Sox 5
- Bryce Harper is 15th player in MLB history to reach 50 career homers before age-22 season 30
- The Dodgers took the shift to the extreme last night 47
- VIDEO: Jorge Soler hits two long home runs in third major league game 20
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- Troy Tulowitzki says he’ll retire before he switches positions 32
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