Frank McCourt no longer Dodgers' owner as sale goes through to Magic Johnson-led group

Frank McCourt no longer Dodgers' owner as sale goes through to Magic Johnson-led group

Posted:   05/01/2012 12:46:53 PM PDT

The Dodgers' $2.15 billion sale to Guggenheim Baseball Management LLC was completed this morning, ending Frank McCourt's tumultuous stewardship of the team after eight-plus years.

The new ownership team fronted by former Lakers great Magic Johnson, and including controlling partner Mark Walter and CEO Stan Kasten, will be formally introduced at a Dodger Stadium press conference at 10 a.m. Wednesday.

"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 team said in a statement today, one day after the anticipated April 30 deadline passed for the sale to be completed.

"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."

A deluge of detail work had to be completed by mediator Joseph Farnan Jr., before the sale was announced, after McCourt picked the Guggenheim group as the winning bidders through a Delaware bankruptcy auction in late March.

McCourt filed for bankruptcy in June 2011 when Major League Baseball commissioner Bud Selig rejected several attempts to restructure the team's finances through the extension of a TV rights deal with Fox Sports' Prime Ticket channel.

Much of the financial problems for McCourt came as the result of personal spending of team assets, which all came out during a divorce process. The final sale of the team also completes a $131 million payment from Frank McCourt to ex-wife Jamie McCourt as court mandated, and as the precursor to establish Frank McCourt as sole owner of the organization before he could move forward.

McCourt is to remain in the ownership picture if only as an investor in developing land in the parking lot surrounding the stadium.

Also departing from the Dodgers' front office are Howard Sunkin, the team's senior vice president, and Jeff Ingram, the vice chairman.

OC REGISTER

The final card up McCourt’s sleeve

April 30th, 2012, 5:21 pm · · posted by Howard Cole, OCREGISTER.COM

Frank has spent his final Dodger dollar on mansions, hair and makeup, and while he may yet have an ace up his sleeve, thankfully the ace’s name is not Clayton Kershaw. McCourt holds no more power over the precious resources of our fair city. So we can all exhale and get on with our lives.

Fine, so the exiting owner still has a rather large piece of the Chavez Ravine pie. How does the flavor “Lots O’Lemon” strike you? Never mind. I can guess your answer with little imagination, and as much as we’d love to let the man have it, it’s probably best to keep things clean.

And while I still could turn out to be correct in that McCourt may yet fork over the real estate in a subsequent sale, I’ll take my medicine on this joyous day – and it is a joyous day – and admit the error of my prediction. I was wrong when I said Frank wasn’t going to be keeping the parking lots. A major E-6 for me.

But – and it’s a big butt, Juan Uribe’s butt – I was right about a bunch of other stuff, so I’ll pat myself on the Frank-Jobe-corrected-throwing-shoulder (no joke) re the following.

As I said, Frank is walking away a rich man. A very, very rich man. That was the plan all along, we know now. So congratulations on that, Mr. Evil Genius. You proved to be one step ahead of everyone, from Major League Baseball to the ex-wife, on down to the last the poor schlub to pay fifteen bucks to park on Sunday.

But more importantly, much more importantly – and I’ll scream the proclamation from the tippy-top seat of the top deck section as far as the echo can travel – everything is going to be OK. It really is. The gloom and doom of the McCourt years is behind us. Frank has adiosed himself from the premises, the locks have been changed and everything really is going to be OK.

The club is off to a 16-6 start to the season, firmly in first place with Magic and company, cavalry and all, riding to the rescue as we speak.

While the grand gesture idea put forth by MSTI’s Mike Petriello sounds nice and makes good sense, I don’t think it’ll come in the way he suggests. Given the events of Opening Day 2011, the lowering of beer prices couldn’t be more inappropriate.

Besides, the last thing L.A.’s only baseball team needs is to be taking its cues from the Angels, especially when it involves something as classless as helping the drunk to a cheap refill.

The new owners ought not start with a promise about a championship either. McCourt made the same promise, remember, and if we’ve learned one thing from his example, it’s not about what you say, it’s about what you do, and how you go about doing it.

The return of straw hats to Dodger Stadium would be welcome, I suppose, even more so if it’s accompanied by top-notch and polite-beyond-expectations customer service. And with a week’s head start, there’s no good reason for there to be such a thing as a long hot dog line come the next homestand.

But the way to this fan’s heart is a plan to win in 2012 and every year from here on out. Not another peep out of the general manager’s mouth about acquiring “a bat” singular at the trading deadline.

You don’t wait until the last week of July when you don’t absolutely have to, and you don’t absolutely have to. Not in the least. And you certainly don’t aspire to trade for one extra player.

You look to be the best of 30 clubs and at every spot conceivable, from left field to third base, to first base to the bullpen to the last man off the bench.

That’s how you begin, that’s how you win, and that’s how you grab our attention.

Good luck to Magic, welcome to incoming baseball-man-in-charge Stan Kasten, and a hearty handshake to the new queso grande of the Los Angeles Dodgers, Mark Walter. We’re glad you’re here. Oh man, are we glad you’re here.

TRUE BLUE LA