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Ruh-roh: Are there problems with the Magic Johnson-Guggenheim Partners bid for the Dodgers?

Apr 6, 2012, 4:30 PM EDT

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We’re still in love-fest territory when it comes to the Magic Johnson-Guggenheim partners bid for the Dodgers. Indeed, I just got a press release from the Dodgers’ PR people, announcing the team’s imminent emergence from bankruptcy, and talking about how important that bid is for the process:

“The centerpiece of the Amended Plan is the agreement by Guggenheim Baseball L.P. to pay $2 billion to acquire the equity of the reorganized debtors. This agreement is the culmination of an auction process that was conducted over several months and reflects the highest and best bid generated by that process.  The successful auction process attracted numerous prospective purchasers and numerous proposals, all of which confirmed the substantial value of the Dodgers, the media rights associated with the team, and Dodger Stadium.”

And that’s great.  But as Tom Verducci reports, it’s not all rosy. MLB and some of its owners are a little wary of Magic & Friends:

Major League Baseball officials have expressed concern that Guggenheim Baseball Management, the winning bidders for the Los Angeles Dodgers, has been slow to produce the details of the bid and the structure of its management team, according to several sources familiar with the sale process.

Several individual owners have joined baseball officials in questioning why the Guggenheim group, led by Mark Walter, Stan Kasten and Magic Johnson, has not filed a more detailed Purchase and Sale Agreement more than a week after the group was selected from among three finalists by Frank McCourt, the outgoing owner who is selling the club through U.S. Bankruptcy Court.

Now, MLB is not the party approving this sale, the bankruptcy court is. So perhaps this is just grumbling. Still, worth watching before anyone starts printing up Dodgers Magic Johnson jerseys.

Well, I guess you could and just tell everyone that they’re Reed Johnson jerseys, but still.

  1. brokea$$lovesmesomeme - Apr 6, 2012 at 4:37 PM

    What a bunch of morons. How come this was not part of some sort of pre-qualification package that you submitted the first day? Way to get the hopes up Bud. He is the owners Barney Fife.

  2. thehypercritic - Apr 6, 2012 at 5:00 PM

    To be clear, at least from the scuttlebutt I’ve heard, the question is not whether or not the money is there, but where the liquidity came from.

    Rumors of cash being connected to the NFL or groups attempting to bring an NFL team to Los Angeles persist.

    • rambodiaz - Apr 6, 2012 at 5:29 PM

      Does MLB have any say in approving ownership with the Bankruptcy Courts being involved?

  3. mybrunoblog - Apr 6, 2012 at 6:01 PM

    Ruh-roh! That’s awesome. A phrase we dont hear enough!

    • bigharold - Apr 6, 2012 at 6:17 PM

      It’s Rut roe! people.

  4. claysbar - Apr 6, 2012 at 6:04 PM

    How is it that an owner, who cannot pay his bills, files for protection through bankruptcy, gets to select the new owners? How is it that he can use the bankruptcy court to protect him when he will still have a 9 figure property just outside of Dodgers Stadium for parking?

    • yankeesgameday - Apr 6, 2012 at 7:10 PM

      Capitalism

      • claysbar - Apr 6, 2012 at 7:44 PM

        true, true

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