I received the following press release from the Dodgers at 8:45 PST tonight.
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| Earvin "Magic" Johnson |
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| Stan Kasten |
The Los Angeles Dodgers and Frank McCourt Announce Agreement With Guggenheim Baseball Management
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."
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."
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| Guggenheim Partners, (L-R) Todd Boehly (Pres), Alan Schawartz (Executive Chairman), Mark Walter (CEO) |
WOW What a wonderful thing to happen on my birthday!!
ReplyDeleteI don't know about the significance of the surrounding land deal. That is, if it will have any impact on the daily or yearly operations of the Dodgers. I expect it won't. The new owners group would have worked the kinks out on that.
ReplyDeleteI just don't like the optics of it. Frank has done his time and I would have preferred he just moved on with his extraordinary windfall.
Pleased to see the Dream Field plan has been taken over. Frank apparently completed about 23 of the proposed 50.
In any event, I feel like an albatross, financial instability and embarrassment, has been lifted off us. I am almost nervous, reading about it this morning, almost feeling it is still part of last night's dreams. I am not a big Magic Johnson fan, as such, but I know LA loves him so his involvement is important.
I look forward to putting the fans first, more vigorous international scouting and signing, a stronger farm system, near the top, not in the middle, stadium improvements, getting to the stage where a big signing is just a missing piece for us, not an impossible dream.
I am still reading everything I can find and trying to get a feel for this entire purchase. The NY Times is reporting that this isn't a debt ridden deal and that Guggenheim is paying $2 billion in cash.
ReplyDeleteAdditionally I see that McCourt and the Magic group are partners in the land surrounding the Stadium. Anyone knowing McCourt's track history knows that McCourt and partners ALWAYS end up as adversaries in court.
Olney reports on ESPN that the Dodgers will make key player acquisitions this year and that money will not get in the way. it's hard to believe hat a group paying upwards of $2 billion would attempt to run the team on a limited budget.
Cole Hamels & Matt Cain anybody? Which big bat will be available at the trade deadline?
First order of business:
ReplyDelete1) Sign Kershaw long-term
2) Sign Ethier long-term
3) Sign Matt Cain at the July 31 trade deadline (won't need Cole Hamels with Rubby and Nathan in the fold).
It's a GREAT time to be a Dodger fan!