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.
Sep 22, 2014, 5:14 AM EDT
The Royals salvage one and their hopes of an AL Central title remain alive.
Sep 21, 2014, 11:05 PM EDT
Josh Donaldson gave the Athletics a spark when he delivered a walk-off two-run home run in the 10th inning against the Phillies on Sunday.
Sep 21, 2014, 10:15 PM EDT
It seems soon-to-be free agent Russell Martin is on his way to a big payday in the off-season, but Pirates GM Neal Huntington still intends to keep the catcher in a Pirates uniform.
Sep 21, 2014, 9:25 PM EDT
Joe Maddon’s Rays are just one piece of the puzzle that has been the MLB-wide drop in offense over the last five years.
Sep 21, 2014, 8:35 PM EDT
More bad news for the snakebitten Rangers: Jurickson Profar won’t play in the Arizona Fall League due to lingering soreness in his right shoulder.
Sep 21, 2014, 7:45 PM EDT
Marcus Stroman’s suspension for throwing at Caleb Joseph’s head has been reduced from six to five games.
Sep 21, 2014, 6:55 PM EDT
Corey Kluber is a pretty good pitcher. He became the first pitcher since Randy Johnson in 2004 to strike out 14+ batters in back-to-back starts.
Sep 21, 2014, 6:05 PM EDT
It’s official: the Braves will not be playing post-season baseball in 2014.
Sep 21, 2014, 5:00 PM EDT
Yankees ace Masahiro Tanaka looked sharp Sunday in his first start since July 8, scattering five hits over 5 1/3 innings of one-run ball in a 5-2 win over the visiting Blue Jays. He struck out four batters, did not issue a walk, and only went to one three-ball count all afternoon.
Sep 21, 2014, 3:52 PM EDT
This sure looked like an RBI double for Kevin Frandsen of the Nationals before Marlins outfielder Enrique Hernandez raced to the corner and laid out to pull off a slick snowcone catch …
Sep 21, 2014, 2:45 PM EDT
Tigers right-hander Anibal Sanchez suffered a strained pectoral muscle on August 8 and then reaggravated it August 25. But he’s making swift progress now …
Sep 21, 2014, 1:53 PM EDT
Rangers outfielder Alex Rios hasn’t appeared in a game since September 4 due to a nagging right thumb injury, and he’s not going to be rushed back for the final week.
Sep 21, 2014, 1:08 PM EDT
Astros pitching coach Brent Strom announced Sunday that ace left-hander Dallas Keuchel won’t make another start this season.
Sep 21, 2014, 12:20 PM EDT
It’s been a lost season for the Yankees’ outfielder.
Sep 21, 2014, 11:33 AM EDT
A far more recent past than most people will admit.
Sep 21, 2014, 11:06 AM EDT
His presence will give the Nats a ton of flexibility down the stretch.
Sep 21, 2014, 10:40 AM EDT
Like we always say: he giveth and he taketh away. Yesterday he gaveth.
Sep 21, 2014, 10:00 AM EDT
He said it rather than tweeted it. Which is sad, because I had good money on it coming out “your just an idiot” if he had tweeted it.
Sep 21, 2014, 9:20 AM EDT
Bud Black will be back for year nine at the helm of the Padres.
Sep 21, 2014, 8:04 AM EDT
The Royals are not doing too well in the biggest series to hit Kansas City in 29 years.
- And That Happened: Sunday’s scores and highlights 0
- Must-click link: Tommy Harper and the Red Sox’ racist past 52
- Settling the Score: Saturday’s results 34
- Matt Garza ejected after hitting Andrew McCutchen a second time 34
- Tigers hang on for second straight win against Royals 8
- Phil Hughes could finish the season with the best K/BB ratio in MLB history 14
- Settling the Score: Friday’s results 26
- Clayton Kershaw wins his 20th game of the season 13
- Geddy Lee’s baseball obsession makes it really hard for me to hate Rush (120)
- It certainly looks like Barry Bonds’ criminal conviction is going to be overturned (105)
- Ron Washington claims he resigned because he cheated on his wife (103)
- Umpire ejects jackwagon fan heckling Bryce Harper in Atlanta last night (85)
- And That Happened: Tuesday’s scores and highlights (83)