Dodgers' turbulent McCourt era ends as sale is completed
The Frank McCourt Era of the Dodgers Is Over!
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- McCourt leaves with Dodgers on top, but dont give him too much credit
- Dodgers’ new ownership soon could focus on Andre Ethier extension
- By Jonathan Lloyd
- Sale of Dodgers complete
- Dodgers Sale Is Finalized
- Bud Selig issues a statement about the Dodgers being sold
The Frank McCourt Era of the Dodgers Is Over!The Dodgers officially announced the $2 billion sale to Guggenheim Baseball Management on Tuesday. In a press release: The Los Angeles Dodgers, Guggenheim Baseball Management LLC (“GBM”) and Frank McCourt today announced the completion of the sale of the Dodgers to GBM for $2 billion. As previously reported, the Dodgers’ new ownership includes Mark Walter as control person, Earvin “Magic” Johnson, and Stan Kasten as CEO of the organization. The Los Angeles Dodgers stated, “The Dodgers emerge from the Chapter 11 reorganization process having achieved its objective of maximizing the value of the Dodgers through a successful Plan of Reorganization, under which all claims will be paid. The Dodgers move forward with confidence - in a strong financial position; as a premier Major League Baseball franchise; and as an integral part of and representative of the Los Angeles community.” Eight years, four playoff berths, three NL West titles, two NLCS berths, one bankruptcy, no World Series titles and one big long embarrassment. It's over folks. CBS SPORTS McCourt leaves with Dodgers on top, but don't give him too much creditBy Danny Knobler | Baseball Insider As the Dodgers sale became official Tuesday, Frank McCourt handed Magic Johnson and his group the team with the best record in the National League, and the second-best record in baseball. Which is strangely appropriate. Not because McCourt was a good owner. He was one of the worst that baseball has seen, turning the team into a financial mess and turning off fans. But he also took over a franchise that hadn't been to the playoffs in eight years, and hadn't won a playoff game since 1988. Under McCourt, the Dodgers made it to the playoffs four times, and made back-to-back trips to the National League Championship Series. He'd tell you that made him a good owner (in fact, I've heard him say it). I'd tell you it says more about the baseball people who worked under him, including general manager Ned Colletti and assistants Logan White and DeJon Watson. It also tells you what the Dodgers could and should become with better ownership in place. Colletti and his staff built this year's team with a $95 million payroll that ranks 12th in the majors. The Dodgers are winning mostly because of homegrown players like Matt Kemp and Clayton Kershaw, but also because Colletti seems to have done well with the little money he had to spend over the winter. Does McCourt deserve any of the credit? Well, he did hire Colletti in 2005, a year after buying the team. He did allow the Dodgers to lock up Kemp last November, with an eight-year, $160 million contract that right now looks brilliant. But he also ordered the payroll slashed as his ugly divorce from Jamie led to money problems. And he let venerable Dodger Stadium slide to the point where it no longer felt like something special. No, he wasn't a good owner, but on the field, his teams were hardly a disaster. Now he leaves, with the Dodgers on top.
Comments By Bob Nightengale, USA TODAY Updated 11h 26m ago Rap music was playing loudly in the Los Angeles Dodgers clubhouse Tuesday at Coors Field, but there were no high-fives, no celebration and no acknowledgment that they have new bosses.
PUBLISHED 52 minutes and 4 seconds agoNow that the “Under New Management” sign is hanging on the entrances of Dodger Stadium, one of the first pieces of business the team might address is a contract extension for right fielder Andre Ethier. Ethier, 30, is in the final season of his contract, but there appears to be mutual interest in locking him up for several more years. According to CBSSports.com, Ethier’s agents recently met with Dodgers general manager Ned Colletti. However, no deal is in place. Sources told the website that Ethier’s extension should fall anywhere between the six-year, $90 million range and the seven-year, $126 million range. "I've always been inclined to keep him," Colletti recently told the Los Angeles Times. "His start certainly hasn't hurt." In 24 games this season, Ethier is hitting .289 with six homers and a major league-leading 27 RBIs. He appears to be past the knee issues that limited him to just 11 homers and 62 RBIs in 135
Magic Johnson and other members of the Dodgers new ownership group are expected to speak publicly for the first time about the sale of the team and its future By Jonathan Lloyd| Wednesday, May 2, 2012 | Updated 7:09 AM PDTLakers great Magic Johnson and other members of the ownership group that took control of the Los Angeles Dodgers Tuesday after the ups, downs and general mediocrity of the Frank McCourt era are expected Wednesday to talk about their plans for one of baseball's most storied franchises. The Dodgers principal owners -- Johnson, former Atlanta Braves president Stan Kasten and Guggenheim Baseball Partners CEO Mark Walter -- are scheduled to attend a 10 a.m. news conference at Dodgers Stadium. "It's the end but it's also the beginning,'' Cy Young award winning pitcher Clayton Kershaw said Tuesday. "It's a cool time.'' The long-awaited sale was finalized Tuesday, bringing McCourt's ownership of the organization to an end and opening a new chapter for a team that struggled on the field last season amid turmoil in the front office and dwindling attendance figures. Wednesday's news conference is the first by members of the Guggenheim group. A judge approved the $2.15 billion sale April 13 after a monthslong dispute in bankruptcy court involving the Dodgers and Major League Baseball. "This is a great day for my partners and myself and the Dodgers organization," Johnson told ESPN's "Baseball Tonight" Tuesday. "But also, for the fans of Los Angeles who starve for a winning team. We're going to strive to bring them a winning team and a great fan experience." MLB Commissioner Bud Selig, who appointed a financial monitor to oversee the Dodgers last spring, said he is pleased the sale is final. "It is my great hope and firm expectation that today's change in ownership marks the start of a new era for the Los Angeles Dodgers and that this historic franchise will once again make the city of Los Angeles proud,'' Selig said in a statement. "I want to personally thank all Dodger fans for their patience and loyalty during this trying period. I have said many times that we owed it to them to ensure that the club was being operated properly and would be guided appropriately in the future." There were few reasons for optimism at this point last season. It was in April 2011 when Selig announced he planned to appoint a monitor to oversee Dodgers operations. In June, Selig rejected a proposed deal involving the Dodgers and Fox, and the organization filed for bankruptcy protection June 27. One month into the 2012 season, LA has an NL West-best 17-7 record and a four-game lead over second-place Arizona. Although that has more to do with the play of Matt Kemp than the front-office shakeup, the Dodgers star said he senses the team is off to a fresh start. "I think the fans of LA are pretty excited about the new ownership and what it's bringing. As long as L.A. is happy, I'm happy,'' slugger Matt Kemp said. "As long as we're winning, I'm happy.'' The Dodgers play at Colorado Wednesday. As for McCourt, he was required to pay former wife Jame $131 million as part of a divorce settlement, but he won't leave empty-handed. McCourt, in a joint venture with the purchasers, retains a 50-percent interest in the property surrounding Chavez Ravine and the parking lots. The Boston real estate developer bought the Dodgers in 2004 for $430 million form News Corp. -- a relative bargain compared to the astounding figure the Guggenheim group offered. The Dodgers have won six World Series titles but none since 1988, when they were still owned by the O'Malley family that moved the team from Brooklyn to California after the 1957 season. The Dodgers made the playoffs the first four out of six seasons under McCourt's ownership, but the off-the-field divorce saga took attention away from the team. Their spending habits -- "lavish" comes to mind -- were revealed in court documents and testimony. EXAMINER.COM Sale of Dodgers completePaula Duffy The sale of the Los Angeles Dodgers was completed May 1, a day later than expected. Some stray documents that did not get timely court approval prevented the closing on the expected date of April 30. It didn't keep Frank McCourt from making the April 30 payment to his ex-wife Jamie in the amount of $131 million, according to the L.A. Times. It came in the form of a wire transfer and was the final piece to the puzzle presented by the McCourts' ugly and public divorce that resulted in forcing the sale of the Dodgers. The group in control trooped its senior executives into the Dodgers clubhouse on Sunday for a short meet and greet with players and Dodgers manager Don Mattingly. The Associated Press reported that Dodgers pitcher and reigning National League Cy Young Award winner Clayton Kershaw found it all very fascinating. "It's the end but it's also the beginning," Kershaw said. "It's a cool time." In its press release about the final sale, Major League Baseball Commissioner Bud Selig issued a statement that reads in part: “After a long and difficult road, the sale of the Dodgers is now complete, and I am pleased that the club can have the fresh start it deserves under new ownership. I congratulate Mark Walter, Magic Johnson, Stan Kasten and all of their partners, and I look forward to working with them. In addition, I want to personally thank all Dodger fans for their patience and loyalty during this trying period. I have said many times that we owed it to them to ensure that the club was being operated properly and would be guided appropriately in the future. It is my great hope and firm expectation that today’s change in ownership marks the start of a new era for the Los Angeles Dodgers and that this historic franchise will once again make the city of Los Angeles proud." It was Selig and the owners of the other 29 MLB teams that approved the sale of the Dodgers to the McCourts some eight years ago. It was revealed in the divorce trial that the deal was consummated with little cash and a lot of leveraging of McCourt assets out of state, including parking lots in and around Boston, MA. Selig spoke to that issue in assuring fans that this time was different. “Despite going through bankruptcy court, this process required the same due diligence and analysis that any other sale would demand. Through all the challenges of this highly unique situation, our requirements were met. Ultimately, the sale produced a record figure in all of sports, illustrating the strength of our industry." NY TIMES Dodgers Sale Is FinalizedBy RICHARD SANDOMIR – May 1, 2012 The $2.15 billion sale of the Los Angeles Dodgers to a group featuring Guggenheim Partners, a global financial services firm, was finalized Tuesday, ending the stormy ownership of Frank McCourt, who put the team into bankruptcy nearly a year ago after a dispute over team finances with baseball Commissioner Bud Selig. The closing was preceded last month by the bankruptcy court’s approval of the team’s reorganization plan whose principal component was the record $2.15 billion price for the team. The new owners also paid McCourt $150 million for a joint venture on the land surrounding Dodger Stadium, including the parking lots. With the proceeds, McCourt on Monday paid a divorce settlement of $131 million to his ex-wife, Jamie. Selig released a nearly 250-word statement that welcomed the new ownership, which includes Magic Johnson. Selig looked back at his lengthy and acrimonious fight with McCourt over control of the Dodgers and their finances — which he felt McCourt damaged — but never mentioned McCourt’s name. Selig called the process a “long and difficult road” for the team that “can have the fresh start it deserves.” He thanked Dodgers fans for their loyalty “during this trying period.” He also said that “we owed it to them to ensure that the club was being operated properly,” and that he was grateful that “the unbecoming events of recent years are behind us.” Now, he said, “this historic franchise will once again make the city of Los Angeles proud.” Some of Guggenheim’s executives, including Mark Walter, are using their cash and money from the firm’s subsidiaries to buy the team. Johnson and other investors have small shares. NBC SPORTS Bud Selig issues a statement about the Dodgers being soldCraig Calcaterra May 1, 2012, 4:31 PM EDT Bud Selig always says nice things when a team is sold. Remember when Frank McCourt bought the Dodgers? Selig had this to say then: A day after News Corp. reached an agreement in principle to sell the Dodgers to Boston real estate magnate Frank McCourt for $430 million, MLB commissioner Bud Selig expressed confidence the deal would be completed despite questions about whether McCourt had sufficient financial backing. “I’m not concerned,” Selig said Saturday about the proposed sale … “I don’t think Allen & Co., Stan Shuman or Fox would have gone this far if they felt there were economic problems that couldn’t be surmounted.” Yeah, well, everyone is entitled to be wrong sometimes. The key is not letting that get you down and moving forward with confidence and optimism. Which is what Selig did today when the new owners of the Dodgers took control: “After a long and difficult road, the sale of the Dodgers is now complete, and I am pleased that the club can have the fresh start it deserves under new ownership. I congratulate Mark Walter, Magic Johnson, Stan Kasten and all of their partners, and I look forward to working with them. In addition, I want to personally thank all Dodger fans for their patience and loyalty during this trying period. I have said many times that we owed it to them to ensure that the club was being operated properly and would be guided appropriately in the future. It is my great hope and firm expectation that today’s change in ownership marks the start of a new era for the Los Angeles Dodgers and that this historic franchise will once again make the city of Los Angeles proud. “Despite going through bankruptcy court, this process required the same due diligence and analysis that any other sale would demand. Through all the challenges of this highly unique situation, our requirements were met. Ultimately, the sale produced a record figure in all of sports, illustrating the strength of our industry. “The 2012 season is off to a remarkable start. As we welcome the new stewards of the Dodgers, I am grateful that the unbecoming events of recent years are behind us and the focus can be squarely on the field, where the Dodgers currently hold the best record in the National League.” Here’s hoping we’re not revisiting this again in 2020. KPCC And so it has ended: The Dodgers are sold May 1, 2012 | By Matthew DeBord Well, our long local nightmare has finally drawn to an anticlimactic close. After a briefly alarming delay last night, the Los Angeles Dodgers are now no longer the property or Frank McCourt but belong instead to Guggenheim Baseball Management, a group made up chiefly of Magic Johnson, Stan Kasten, and Mark Walter, the CEO of Guggenheim Partners. The purchase price was a whopping, record-setting $2.15 billion. The thorn in the side of Angelenos who grew to...well, let's just say dislike McCourt over the years will be the former owner's 50-percent stake in the parking lots around Dodger Stadium. GBM will get to collect the parking fees for games, but McCourt will be able to propose development plans — although they'll have to be approved by the new owners. The press conference is tomorrow. Don't know where it is yet, nor what time, but rumor has it that Walter will be in attendance. Directory: documents documents -> Concept stage documents -> Concept stage documents -> The great global switch-off documents -> Nonprofit grant application documents -> The Truth about the Rwandan Genocide documents -> Annual InStructional unit plan documents -> Chaos equipment included Download 348.9 Kb. Share with your friends:
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