Hmmm, like a ... Investors !
I don't think we have a Million people here though, but it's a nice start.
L.A. Dodgers Sold To Magic Johnson & Group
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Hmmm, like a ... Investors !
I don't think we have a Million people here though, but it's a nice start.
The Dodgers are a valuable property.
As mentioned, this includes not only the team, but the stadium and the parking lots. Comparisons to other teams w/o stadiums and to places in the east that are dependent on communal transit are apples to oranges.
Further, the Dodgers are clearly the "A" team in the #2 DMA, with several solid outlaying DMAs as well, and, have a national following as well. The TV rights are up, so, again apples to oranges, you cannot compare a sale of a team with a long term TV deal signed to the sale of a team owning its own TV rights.
The Dodgers have been mismanaged. Not only by the McCourt joker, but longer than that.
As mentioned, this includes not only the team, but the stadium and the parking lots. Comparisons to other teams w/o stadiums and to places in the east that are dependent on communal transit are apples to oranges.
Further, the Dodgers are clearly the "A" team in the #2 DMA, with several solid outlaying DMAs as well, and, have a national following as well. The TV rights are up, so, again apples to oranges, you cannot compare a sale of a team with a long term TV deal signed to the sale of a team owning its own TV rights.
The Dodgers have been mismanaged. Not only by the McCourt joker, but longer than that.
Fox mismanaged them badly. Actually, McCourt saved them. I was a big fan of McCourt for a while. After the divorce he demonstrated that his best interest was himself, not the team. The best thing to do would have been to sale them.
Magic Johnson is interested in buying the Dodgers.
Magic Johnson part of group that wants to purchase Los Angeles Dodgers - ESPN Los Angeles
Larry King is also interested in buying the Dodgers. I know he attends every single game and his seat is directly behind home plate.
Larry King aligns with Dennis Gilbert in Dodgers bidding - latimes.com
I took a picture of Larry King at a game a couple of years ago. He was a couple rows in front of me.
Magic Johnson part of group that wants to purchase Los Angeles Dodgers - ESPN Los Angeles
Larry King is also interested in buying the Dodgers. I know he attends every single game and his seat is directly behind home plate.
Larry King aligns with Dennis Gilbert in Dodgers bidding - latimes.com
I took a picture of Larry King at a game a couple of years ago. He was a couple rows in front of me.
NEW YORK (AP) — Los Angeles Dodgers owner Frank McCourt has announced an agreement Tuesday to sell the bankrupt team for $2 billion to a group that includes former Lakers star Magic Johnson and former Atlanta Braves and Washington Nationals President Stan Kasten.
The agreement, revealed about five hours after Major League Baseball owners approved three finalists for the auction, is to lead to a transfer of the team by the end of April. It is subject to approval in federal bankruptcy court.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners would become the controlling owner. The price would be easily a record for a North American sports franchise.
As part of the agreement, the Dodgers said McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium for $150 million.
The acquiring group, called Guggenheim Baseball Management, includes Mandalay Entertainment chief executive Peter Guber.
"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," McCourt said.
McCourt paid $430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the parking lots, from the Fox division of Rupert Murdoch's News Corp., a sale that left the team with about $50 million in cash at the time. The team's debt stood at $579 million as of January, according to a court filing, so even after the divorce payment, taxes and legal and banking fees, he stands to make several hundred million dollars.
Kasten is expected to wind up as the team's top day-to-day executive.
The other two finalists were:
— Stan Kroenke, whose family properties own the NFL's St. Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and Major League Soccer's Colorado Rapids, and who is majority shareholder of Arsenal in the English Premier League.
— Steven Cohen, founder of the hedge fund SAC Capital Advisors and a new limited partner of the New York Mets; biotechnology entrepreneur Patrick Soon-Shiong; and agent Arn Tellem of Wasserman Media Group.
"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," Johnson said in a statement.
The agreement, revealed about five hours after Major League Baseball owners approved three finalists for the auction, is to lead to a transfer of the team by the end of April. It is subject to approval in federal bankruptcy court.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners would become the controlling owner. The price would be easily a record for a North American sports franchise.
As part of the agreement, the Dodgers said McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium for $150 million.
The acquiring group, called Guggenheim Baseball Management, includes Mandalay Entertainment chief executive Peter Guber.
"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," McCourt said.
McCourt paid $430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the parking lots, from the Fox division of Rupert Murdoch's News Corp., a sale that left the team with about $50 million in cash at the time. The team's debt stood at $579 million as of January, according to a court filing, so even after the divorce payment, taxes and legal and banking fees, he stands to make several hundred million dollars.
Kasten is expected to wind up as the team's top day-to-day executive.
The other two finalists were:
— Stan Kroenke, whose family properties own the NFL's St. Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and Major League Soccer's Colorado Rapids, and who is majority shareholder of Arsenal in the English Premier League.
— Steven Cohen, founder of the hedge fund SAC Capital Advisors and a new limited partner of the New York Mets; biotechnology entrepreneur Patrick Soon-Shiong; and agent Arn Tellem of Wasserman Media Group.
"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," Johnson said in a statement.
Well, the long nightmare appears to be over. However, McCourt (via affiliates) allegedly still owns the parking lots. Other reports say the the Dodgers own 1/2 and the "affiliates" own the other 1/2. That part still has some bad odor to it and we'll have to see how that plays out.
It's a beginning....
It's a beginning....
McCourt will still come out of this making a nice profit. He bought the Dodgers and all of the property (The stadium, the surrounding land which includes the parking lot, and the minor league property in FL) for only $400 million. Now he sales only the team and the stadium, keeping the property around the stadium (which maybe worth the most) for 5 times more.
...but Dodger fans have to like that the clouds are slowly starting to lift there is sun light starting to peeking in...An Magic(though not the majority owner, but definitely the face of the group) has done very well in his businesses..
And by having Magic as the face brings an LA connection an LA icon back to the team. Now maybe the pocket books will open back up and the Dodgers can start signing some players again. Kershaw, Kemp, and Ethier cannot carry the team by themselves. First thing they need to do is to lock up Ethier before he becomes a free agent and the end of this season.
This is the largest sale of any US sports Franchise. The Dodgers are now the most expensive sports franchise, any sport, in the entire country.
And the new ownership groups will already have made a profit when they immediately take over. The Dodgers are just about the sign a TV deal with FOX for over $3billion.
The Angel deal already occurred and it was for $2billion. The Dodger deal was pending the sale of the team and it was for around $3billion. After the sale is finalized, then the FOX deal can officially be completed.
And you thought $1billion was a lot.
It took $2.15 billion and that did not include the property surround the stadium.
Crazy...! Imagine how much a team like the Dallas Cowboys are worth with their billion dollar stadium.
this is ridiculous the price for a franchise and all sports are pricing the everyday folk out of going to a game
The fact that attendance was up in MLB last year and continues to rise every year, and many seats at Dodgers stadium are still very affordable, I don't think this is actually the case.
The top deck is still $5, reserve is still $8, and left field bleachers are still $6 for season tickets.
For individual games top deck is $10, reserve is $16, and left field bleachers are $17. This is still very affordable for a family.
ALMOST the same price as a movie in 3D. Baseball is, to me, always will the best 'bang for the buck' of any of the major sports.
