Mar 27, 2012, 11:17 PM EST
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.
Jan 27, 2015, 6:39 PM EST
The Rangers and Red Sox have swapped 25-year-old pitchers.
Jan 27, 2015, 6:19 PM EST
The Orioles have failed in their pursuit of several free agent outfielders this offseason, so they might now be turning to the trade market to fill the need.
Jan 27, 2015, 5:10 PM EST
He hasn’t worked with the Astros since 2010.
Jan 27, 2015, 4:40 PM EST
Crawford requested $3.95 million and the Giants countered at $2.4 million.
Jan 27, 2015, 4:13 PM EST
They’re coming in bunches lately.
Jan 27, 2015, 3:55 PM EST
Tulowitzki is owed $114 million for the next six seasons and Gonzalez is owed $53 million for the next three seasons.
Jan 27, 2015, 2:48 PM EST
Welcome to the future, man.
Jan 27, 2015, 2:22 PM EST
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Jan 27, 2015, 2:01 PM EST
Dyson requested $1.6 million and the Royals countered at $900,000.
Jan 27, 2015, 12:30 PM EST
The league now requires Cuban players to get a much more difficult to obtain clearance to sign than even the federal government requires.
Jan 27, 2015, 11:33 AM EST
One Hall of Fame expert argues that Selig should have to cool his heels before waltzing into Cooperstown
Jan 27, 2015, 11:03 AM EST
So long that he’s one of the few GMs who rocked a flip phone after he already had the top job.
Jan 27, 2015, 10:50 AM EST
As of six weeks ago Angels manager Mike Scioscia was telling reporters that the team didn’t expect Garrett Richards back from knee surgery until May.
Jan 27, 2015, 9:54 AM EST
Great Moments in Spring Training Cliches.
Jan 27, 2015, 8:10 AM EST
No, it’s not “because the balls don’t have air inside them in baseball.” Though that is a good point.
Jan 26, 2015, 11:45 PM EST
McGee is expected to begin the season on the disabled list, but he’s hoping to return by late April or early May.
Jan 26, 2015, 11:05 PM EST
Ottavino has quietly been very effective since joining the Rockies in 2012, posting a 3.60 ERA over 179 relief appearances while averaging 9.3 K/9 and 3.3 BB/9.
Jan 26, 2015, 10:01 PM EST
After negotiations with Ryan Vogelsong broke down last week, the Astros are now considering alternatives.
Jan 26, 2015, 9:07 PM EST
Gutierrez has played a grand total of 173 games dating back to 2011 and sat out last season due to a gastrointestinal issue.
Jan 26, 2015, 8:16 PM EST
Avila is making a change in hopes of avoiding future concussions.
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