Categorized | MLB, News

Dodgers and Frank McCourt Announce Agreement with Guggenheim Baseball Management

Dodgers and Frank McCourt Announce Agreement with Guggenheim Baseball Management

Press Release Los Angeles Dodgers

LOS ANGELES, March 27, 2012 – The Los Angeles Dodgers and Frank McCourt today announced an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process.  The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.  Mr. McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.

The Los Angeles Dodgers stated, “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.”

Frank McCourt stated, “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.  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.”

Earvin “Magic” Johnson stated, “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.”

Follow Baseball de World on Twitter or Facebook and don’t forget to join our Newsletter.

About Eric Bynum
Eric Bynum is Managing Editor here at BaseballdeWorld. He spent three years as an ESL teacher in South Korea, and is now working on his master's degree in history with a focus on baseball and WWII. He has played and/or written about baseball for the past 30 years and is an avid Atlanta Braves fan.

Be Sociable, Share!

Related News

  • http://www.cheapbaseballbatsonline.com Jeff Wise

    I’m not a big fan of Magic but I’m a fan of MLB teams having steady ownership. There is always tension on teams who don’t have stability.

  • http://www.baseballjourneyman.com Eric Bynum

    Agreed. There has been too many unstable owners of late with LA, Tex, NYM even dating back to when MLB owned the Expos/Nats.

  • Pingback: Frank solbach | Imperialtaco

FanDuel

Member of the Baseball Bloggers Alliance

OOTP Baseball '14 Buy OOTP Baseball 14 PC & Mac

Share Us on Google+

Have a Baseball Story?

Whether its a press release, tips, information, or just a good story, feel free to Contact Us with any story baseball related.