Tuesday, March 27, 2012

Frank McCourt Sells Dodgers to Magic - Official Statement from Magic Johnson

In what could be the best move he's made since buying the team in 2004, Frank McCourt has agreed to sell the Dodgers to Magic Johnson's group.  Magic's group includes partners Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.  Accoring to Ken Gurnick at Dodgers.com the deal was agreed to Tuesday night.

The following is from L.A. Times writer Bill Shaikin:

The sale must be confirmed by the court in a hearing April 13. The transaction is set to close by April 30, the same day McCourt must pay his ex-wife $131 million in a divorce settlement.

If the deal closes as expected, the Dodgers would be owned by an entity called Guggenheim Baseball Partners and run by Stan Kasten, the former president of the
Atlanta Braves and Washington Nationals.

More from Shaikin:

Johnson would own a small stake in the Dodgers, as would Peter Guber,  a veteran Hollywood executive and co-owner of the Golden State Warriors. Johnson and Guber are partners in the Dayton Dragons, a minor league baseball team that has sold out 844 consecutive games, an ongoing record in U.S. professional sports.

ESPN aka The Evil 4 Letter aka The Mothership is reporting the sale price was $2 BILLION dollars.

The New York Times is reporting:

The Johnson group will spend $2 billion for the team and $150 million for a joint venture with the beleaguered seller, Frank McCourt, on the land surrounding Dodger Stadium, including the parking lots.

Maybe McCourt will still hold on to a piece of the infamous Dodger Stadium parking lots along with the new owners? 

And lastly, a statement from Magic himself:

“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.”       

True to the Blue!

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