It's a historic day for the Dodgers, as Frank McCourt has agreed to sell the storied franchise to the ownership group led by Magic Johnson, Stan Kasten and Mark Walter. The price comes out at just over $2 billion, with $150 million being used to purchase the land surrounding Dodger Stadium.
The Dodgers released the following statement:
"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," the club said in the statement.
"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. "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."
Magic Johnson released the following statement:
"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."
The new ownership group will hold a press conference tomorrow in New York.
So to recap, here's what we know:
-Mark Walter, the CEO of Guggenheim Partners, was named controlling partner of the Dodgers.
-Other owners include Johnson, Peter Guber (minority owner of the Golden State Warriors), Bobby Patton and Todd Boehly.
-Kasten is likely going to become the club's president, a position vacated with McCourt's departure. McCourt had previously assumed the position after firing former team president Dennis Mannion.
-The joint venture, mentioned above, will allow Frank McCourt to retain a minority ownership in the land around Dodger Stadium, including the parking lots. However, the new ownership group has the ability to veto any proposals made by McCourt.
I'm sure there will be more news in the coming days. For now, Dodger fans everywhere can welcome Magic, Stan, et al to the Dodger family.
The press conference has been postponed until Magic and the rest of the ownership group returns to LA.
Dodgers To Be Sold To Magic Johnson's Group
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