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Here's the official press release:
LOS ANGELES, March 27, 2012 - 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."Personally, I wanted the Steven Cohen group to win the bidding, but right now I'm just happy that it will no longer be Frank McCourt owning the team, although he will still be part owner of Chavez Ravine.
As a life-long Dodger and Laker fan, I can honestly say I have no problem with this. I love Magic Johnson. He has ties to the community and the money is there. Tonight is a night for all Angelinos to celebrate.
A few Dodgers fans on the East Coast will celebrate, too!
ReplyDeleteAbsolutely! I know my sister is celebrating out there in New Jersey as well.
DeleteAll i have to say is hopefully he doesn't treat Dodgers stadium like his theaters.
ReplyDeleteI think Magic will have respect for the franchise and the stadium and the fans.
Deletewaitaminute...this is the first time i read an official statement. what does "Mr. McCourt...will acquire the Chavez Ravine property for an additional $150 million." mean?
ReplyDeletethat doesnt mean he's keeping those parking lots, does it?
That's what it means. He'll probably build a mall in that parking lot. After he pays off his debt, he'll be worth about a billion.
DeleteHow about a Magic Johnson bobblehead next year?
ReplyDeleteAbsolutely!
DeleteI hate the (LA version) Dodgers, but even I'm ecstatic for you guys. LOL - WooHoo! At that price, that means there's hope Wilpon might still sell the Mets. But one of the crown jewels of baseball, and what is supposed to be one of the power players of the League, should not have fallen under the hand of McCourt the way it did. That was a shame. Glad you guys got your team back!
ReplyDeleteYou know, I didn't even think about how this may affect the Mets. In NY, they've got to be worth at least the 2 billion as well.
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