[Liz]

Dodgers Sold For $2 Billion To Group Led By Magic Johnson

International Business Times
By Bhaskar Prasad
Wednesday, March 28, 2012 2:28 AM EDT

Excerpt:

The Los Angeles Dodgers said on Tuesday that the team has been sold for $2 billion to a group, which includes Magic Johnson, the Basketball Hall of Fame member.

The bid by the group has been largely financed by Guggenheim Partners, a privately held financial firm. Hollywood producer Peter Guber, chief executive officer of Mandalay Entertainment Group and co-owner of the National Basketball Association’s Golden State Warriors is part of the group led by Johnson, reports Bloomberg.

McCourt had bought the team, which has so far won six World Series, from Rupert Murdoch’s News Corp. in February 2004. In June 2011, Dodgers had filed for bankruptcy holding responsible Major League Baseball for rejecting a television deal. It was an attempt by Dodgers owner Frank McCourt to prevent the MLB Commissioner Bud Selig from seizing the team. Following the bankruptcy filing, Dodgers was placed under auction.

Prior to the auction, the Dodgers, their stadium and the surrounding parking lots were worth $1.4 billion, says a report by Forbes magazine.

*snip*

Full Story

[leftcoast, right winger]

They got ripped off big time!

[Skiking]

http://espn.go.com/l...ohnson-group-2b

Dodgers sold to Magic Johnson group

NEW YORK -- One Los Angeles institution is buying another.

A group that includes former Los Angeles Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Los Angeles Dodgers from Frank McCourt for a record $2 billion.

The price would shatter the mark for a sports franchise. Stephen Ross paid $1.1 billion for the NFL's Miami Dolphins in 2009, and in England, Malcolm Glazer and his family took over the Manchester United soccer club in 2005 in a deal then valued at $1.47 billion.

MORE

[Skiking]

This is now the largest purchase of any team in any sport in the entire US.

McCourt bought the team for $400million and even though he squandered the money, he will now sale it for 5 times his purchase. And the new owners will profit immediately. The Dodgers have a $3billion deal with FOX that was pending the ownership transfer. Since it is not finalized other networks are now in a bidding war for the TV rights to carry the Dodgers TV telecast. It could be possible that the new owners will immediately double their money.

BTW, the new owners do not own the property. McCourt still owns the property. If the Dodgers sale included the property it could have easily approached $3billion.

[Skiking]

We are now buzzing here. Having probably the biggest LA sports icon now own their historic franchise.

[Skiking]

leftcoast, right winger, on 28 March 2012 - 12:00 PM, said:

They got ripped off big time!

Why?

They are already profiting. TV revenue alone is more than $2 billion.

[Hieronymous]

Just a good thing that McCourt won't be the owner. Hindsight is 20/20, but it is still hard to believe that McCourt was approved by MLB in the first place.

Magic Johnson is the big name, but having Stan Kasten on board as well is also a good thing for the Dodgers. The guy knows the game.

[scotsman]

$2b for girls's softball?.

You could have had my primary school's 11 year old girls Friday afternoon softball team in 1981 for 10p each.

Come to think of it, there were a couple of girls in that team you could still have for 10p.

This post has been edited by scotsman: 28 March 2012 - 02:15 PM

[Skiking]

Hieronymous, on 28 March 2012 - 02:05 PM, said:

Just a good thing that McCourt won't be the owner. Hindsight is 20/20, but it is still hard to believe that McCourt was approved by MLB in the first place.

The worst thing is that McCourt will still profit big time. He will be rewarded for running this business very poorly.

Quote

Magic Johnson is the big name, but having Stan Kasten on board as well is also a good thing for the Dodgers. The guy knows the game.

Magic is the LA connection, the face, and the community relations guy. Kasten is the baseball brain.

[Skiking]

scotsman, on 28 March 2012 - 02:14 PM, said:

$2b for girls's softball?.

No, baseball, not one of your soccer franchises.

Quote

You could have had my primary school's 11 year old girls Friday afternoon softball team in 1981 for 10p each.

Aren't they currently playing in the Premier league?

Quote

Come to think of it, there were a couple of girls in that team you could still have for 10p.

They couldn't hang. Those soccer players are just too fragile. Besides they have contractual obligations with Arsenal and won't be able to get out of it anytime soon.

This post has been edited by Dodgerking: 28 March 2012 - 02:42 PM

[Hieronymous]

Dodgerking, on 28 March 2012 - 02:17 PM, said:

The worst thing is that McCourt will still profit big time. He will be rewarded for running this business very poorly.

Magic is the LA connection, the face, and the community relations guy. Kasten is the baseball brain.

McCourt will also keep ownership of the lot. Seen a couple comments from people saying get ready for 50 dollar parking. Not a popular guy, that's for sure.

[Skiking]

Quote

Sources with knowledge of the agreement told ESPNLosAngeles.com's Tony Jackson the group will purchase half of the Dodger Stadium parking lots, deemed to have a total value of $300 million, with McCourt keeping the other half.

Money fans pay to park at Dodger Stadium would go to the team, not McCourt, a source with knowledge of the situation stressed to ESPNLosAngeles.com. McCourt does not have any control over the land surrounding the stadium, although he could profit if the land is developed in the future.

Walter insisted McCourt will have only an "economic interest" in the land and not any control or influence over it.

"Frank's not involved in the team, baseball, any of that," Walter said in an interview with ESPNLosAngeles.com. "What Frank does have is an economic interest in land, but we control the parking and all the fan experience and that's of the utmost importance to us."

http://espn.go.com/l...-deal-dissected

This post has been edited by Dodgerking: 29 March 2012 - 09:24 AM

[Hawkeyeted]

I'm not a Dodgers fan, but I am glad to hear that they will now be owned by a "local guy", regardless of the money involved. It's good for the club.

[De Oppresso Liber]

Who?

Never heard of them...

[Hieronymous]

Dodgerking, on 29 March 2012 - 09:24 AM, said:

http://espn.go.com/l...-deal-dissected

I'm guessing Dodger fans will be happier to hear that.

[zurg]

How much tax will Magic pay Obama?

[Mr. E. Monkey]

De Oppresso Liber, on 29 March 2012 - 03:23 PM, said:

Who?

Never heard of them...

This post has been edited by Mr. E. Monkey: 30 March 2012 - 01:05 PM

[xtremeright]

scotsman, on 28 March 2012 - 02:14 PM, said:

$2b for girls's softball?.

You could have had my primary school's 11 year old girls Friday afternoon softball team in 1981 for 10p each.

Come to think of it, there were a couple of girls in that team you could still have for 10p.

I don't care who ya are; that's funny right there.

[Skiking]

xtremeright, on 30 March 2012 - 01:46 PM, said:

I don't care who ya are; that's funny right there.

He's one of those girls that isn't tough enough to hang, so he follows soccer instead.

[scotsman]

I spent part of my growing years playing rugby, son.
Wanna stand on the fifty yard line and see how hard I can still hit you?.


And since when was baseball macho?.
I thought it was for American sissy-boys not tough enough to play gridiron or ice hockey.