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 6, 2015, 7:03 AM EDT
Justin Verlander, doing the same things over and over and expecting different results.
Jul 5, 2015, 11:05 PM EDT
Jake Marisnick isn’t afraid of the Green Monster.
Jul 5, 2015, 10:25 PM EDT
Hisashi Iwakuma will be activated on Monday. He hasn’t started since April 20.
Jul 5, 2015, 9:35 PM EDT
The Braves designated a pair of veteran relievers for assignment following Sunday’s loss to the Phillies.
Jul 5, 2015, 8:45 PM EDT
The pitching-thin Dodgers will call on Eric Surkamp to start on Monday, it appears.
Jul 5, 2015, 7:48 PM EDT
Find out who made the starting rosters for the AL and NL squads in the 2015 All-Star Game. Spoiler: no Omar Infante.
Jul 5, 2015, 7:45 PM EDT
The Pirates added some depth, claiming Travis Ishikawa off waivers from the Giants on Sunday.
Jul 5, 2015, 6:55 PM EDT
Marcell Ozuna has slumped badly over his last 10 games and will try to figure things out at Triple-A.
Jul 5, 2015, 6:05 PM EDT
Newsday’s David Lennon details how the Mets were close to trading for Manny Ramirez back in 2005.
Jul 5, 2015, 4:15 PM EDT
Strasburg suffered the oblique strain Saturday in his start against the Giants. He had thrown 3 2/3 scoreless innings in that outing and was also sharp in his previous two starts since returning from a trapezius injury.
Jul 5, 2015, 3:02 PM EDT
It looks, at first glance, like another smart rebuilding move for the determined-to-rebuild Phils.
Jul 5, 2015, 1:46 PM EDT
Garcia boasts a 1.69 ERA and 0.88 WHIP in seven starts (48 innings) this season. He’s missed a ton of time to injuries in his career, but most of the major problems have been elbow- and shoulder-related.
Jul 5, 2015, 12:24 PM EDT
Soler wound up missing over a month with a sprained left ankle.
Jul 5, 2015, 11:19 AM EDT
Schoop originally landed on the disabled list on April 18 after being diagnosed with both a PCL tear and MCL strain in his left knee.
Jul 5, 2015, 10:32 AM EDT
Check out this wrap-around style montage of all the July 4 action in Major League Baseball …
Jul 5, 2015, 9:40 AM EDT
Josh Hamilton has a .954 OPS in 10 games with the Rangers. The problem is he’s only played in 10 games.
Jul 5, 2015, 8:53 AM EDT
The best fireworks on July 4 came from the Angels.
Jul 4, 2015, 11:55 PM EDT
Chi Chi Gonzalez posted good results in his first seven major league starts, but he’ll cede his rotation spot to Matt Harrison and head back to Triple-A.
Jul 4, 2015, 11:20 PM EDT
But not even science could master the knuckleball.
Jul 4, 2015, 10:45 PM EDT
Kris Bryant had a monster night at the plate on Saturday against the Marlins.
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- Settling the Score: Saturday’s results 40
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