More details have surfaced about the term of the Dodgers' sale to a group of investors including basketball legend Magic Johnson. All news is courtesy of Bill Shaikin of the Los Angeles Times, via Twitter..
- The final purchase price of the Dodgers amounts to $1.588 billion in cash with $412MM in debt assumption, Shaikin tweets. CFO Peter Wilhelm says that the new group will assume no debt beyond that $412MM figure (Twitter link).
- Ned Colletti is listed as the club's General Manager in the sale documents (link). For the time being, Wilhelm is staying as treasurer and CFO (link).
- Former owner Frank McCourt and vice chairman Jeff Ingram will resign, while language in the deal forbids buyers from "speech that disparages, criticizes or is injurious to the reputation of" McCourt.(Twitter links).
- In filing, Dodgers attorneys called the sale "a remarkable outcome." The team filed for bankruptcy on June 27th as they declared that they were short of cash to make payroll on June 30th, Shaikin tweets.
- The Blackstone Group, the global investment firm that handled the sale for McCourt, says that 15 parties submitted bids for the team (via Twitter).
This is a great first step for the Dodgers! They really need to get Fredman from Tampa Bay. That team is going nowhere but he is the best GM in baseball. If they got him before 2013, I wouldn’t be surprised to see this team turn into a dynasty. Prince Fielder will be regretting his decision very soon.
Yeah, Tampa Bay is going nowhere. It’s not like they have a top two core or the top rotation in the Majors. Who are Moore, Longoria, Price, Jennings, Zobrist, Shields, and Hellickson? Scrubs, I tell you.
He’s not coming.
Top rotation? Are we talking about the same team?
The Dodgers need to start by rebuilding scouting that is in tatters. It used to be one of the strengths of the organization. Now its amongst the most understaffed in baseball.
So to clarify, he’s not coming.
I guess you missed the game today. Tampa is going to be good for years to come. Colletti has to go though. Who to replace him? Why not give Orel Hershiser a call?
Because of his experience as a GM?
Frank has a clause requiring the new owners to be nice to him?
Bahahaha.
Doesn’t apply to us. Frank, don’t let the door hit you on the backside on the way out.
Frank walking away with a billion in cash, and does not care if he gets hit with a missile since his wallet is now plenty thick enough to protect his backside from anything.
Besides, he still owns half the land surrounding Dodgers stadium which could be worth another billion when developed. Life is good. Who knew parking lots could be so profitable.
I can’t ever remember bad, truly reprehensible behavior and values ever being so richly rewarded.
While the sale seems great for the Dodgers, the shameless, filthy rich McCourt will haunt Chavez ravine for years, maybe decades to come.
Wealthy people nearly always get their way in this world. Are you saying you didn’t get that memo?
Your fingers will wear out from typing before this deal gets done and people stop attacking the LAD here…
Hah. I got that memo for sure.
“he still owns half the land surrounding Dodgers stadium which could be worth another billion when developed.”
Maybe he is prepared for his Jimmy Hoffa moment from LAD fans as time goes by :-(
He doesn’t own half of the parking lots. All we know is that he’s part of a joint venture in the parking lots with the new owners. The details of this arrangement have not been disclosed and probably won’t be, as it was not part of the bankruptcy.