Dodgers sold to Magic Johnson's group
NBA hall of famer and partners win club with $2 billion bid! Yes you are reading this correct!!! Read whole story after the jump........
GLENDALE, Ariz. -- A deal has been consummated between the Dodgers and Magic Johnson's bidding group for the Dodgers and Dodger Stadium for $2 billion, the club announced Tuesday night.The sale officially is to Guggenheim Baseball Management LLC, which includes Mark R. Walter as its controlling partner, Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Current owner Frank 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.
"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," Johnson said.
The Dodgers released a statement at 8:04 p.m. PT announcing the sale.
"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."
"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."
Ken Gurnick is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.
via: LAD
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