Tuesday, March 27, 2012

The Los Angeles Dodgers Have A New Owner And It’s Going To Be Magic

The announcement that local fans have been waiting to hear came from the person they least wanted to speak, Frank McCourt, the soon to be ex-owner of the Los Angeles Dodgers.  The terms of an agreement to sell the Los Angeles Dodgers has been reached.   Final sale price?  $2 billion.  The winning group of investors?  One that includes Lakers great Magic Johnson and the former Atlanta Braves and Washington Nationals President Stan Kasten. The controlling owner will be Mark Walter, the CEO of the financial services firm Guggenheim Partners.

The agreement was announced tonight, Tuesday March 27, 2012, just a few hours after Major League Baseball owners approved three finalists for the auction.   It is expected the transfer of the team will happen by the end of April, after the approval of the sale in federal bankruptcy court.

But it is still not a total victory for Dodgers fans as part of the agreement includes McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium for $150 million. 

The final price of $2 billion will easily set the record for the sale of a North American sports franchise.

1 comment: