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).