southsider2k5 Posted November 1, 2011 Author Share Posted November 1, 2011 http://www.latimes.com/sports/la-sp-1101-d...0,3218015.story Frank McCourt appears close to agreeing he'll sell Dodgers People with knowledge of negotiations say a settlement may be near. An eventual sale would probably include Dodger Stadium and could command a price of $1 billion. By Bill Shaikin October 31, 2011, 8:25 p.m. After a two-year battle to keep the Dodgers through a bruising divorce and a bankruptcy filing, owner Frank McCourt appears close to agreement with Major League Baseball on a bankruptcy settlement in which he would agree to sell the team. McCourt would get some control over the sale, people familiar with the negotiations said Monday. The purchase probably would include Dodger Stadium and the surrounding parking lots in a package that could command a record price of $1 billion or more. The negotiations are fluid, and settlement talks could fall apart at any time, said the people, speaking on condition of anonymity because of the confidential discussions. McCourt has not reached any final decision to sell, another person cautioned. Dodgers spokesman Robert Siegfried, asked Monday whether a settlement appears close, said the team had no comment "to such kinds of inquiries." MLB spokesman Pat Courtney also declined to comment. McCourt has long vowed not to surrender the Dodgers. In April, as Commissioner Bud Selig appointed a trustee to oversee the team and attendance plummeted at Dodger Stadium, McCourt insisted he would not sell. However, analysts suggested McCourt now might be willing to sell for a simple reason: Even if he won in court, he could lose. Based on figures McCourt submitted to the Bankruptcy Court, he would be hard-pressed to sell the Dodgers' television rights, settle his divorce and be left with enough capital to renovate Dodger Stadium and restore the team to prominence. "I don't know that there's a way for him to win," said Marc Ganis, president of the sports business consulting firm Sportscorp Ltd. McCourt had pledged to pass the Dodgers along to his sons rather than sell the team. But as circumstances have backed him into a corner, holding on has become an ever-decreasing likelihood. "I have always believed — notwithstanding any protestations — everyone will sell for a certain price. Everything is a cost-benefit analysis for him," said Thomas Salerno, an attorney for the NHL's Phoenix Coyotes during that team's bankruptcy. McCourt took the Dodgers into bankruptcy with the intention of winning court approval to sell the team's television rights while exposing how Selig had abused his power by applying a double standard to the Dodgers in an effort to push McCourt out. U.S. Bankruptcy Judge Kevin Gross denied McCourt access to documents from other teams and ruled that the bankruptcy case would not be a forum to put Selig on trial. The motion to sell the Dodgers' television rights is pending, amid opposition from Selig and Fox Sports. But even a victory for McCourt on that front might not be sufficient. "It would be a Pyrrhic victory," Ganis said. "He would win the battle but lose the war." In order for McCourt to secure the Dodgers' financial future through a television rights auction, Ganis said, the court would not only have to permit the auction over MLB objections but would need to restrict the league's ability to decide how McCourt could spend the proceeds and how much would be deducted for MLB revenue sharing. "He needs to effectively get the judge to overturn all of baseball's rules," Ganis said. There is also the issue of costs digging deeply into any profit McCourt may realize in a sale. In asking the court to approve the television rights auction, the Dodgers said a sale comparable to the proposed $3-billion deal it had with Fox — which was vetoed by Selig in June— would provide the team with "excess cash of more than $175 million as of the end of 2012." Since that September filing, McCourt has agreed to pay his ex-wife $130 million in a divorce settlement. The Dodgers also have been sued by the family of Bryan Stow, the San Francisco Giants fan critically beaten in the Dodger Stadium parking lot. The Dodgers are challenging the suit, but Stow's attorney has said his client's medical bills could exceed $50 million. In addition, Fox has threatened what it calls a "massive" damages suit against the Dodgers should McCourt proceed with the auction. In court filings, MLB has argued that McCourt does not have any major source of income beyond the Dodgers, and that he already has pledged every significant team revenue stream beyond the television rights toward other debts. As a result, the league said in a filing last month, McCourt could sell the television rights and still face "liquidity issues again as early as 2013." The Dodgers deny that would happen. In a settlement, Salerno said, McCourt could get cash without any league restrictions on how he could use the money, whether to pay off debts, the divorce settlement or otherwise. He might also get the court to supervise an auction for the team. "The court will keep an eye on MLB to make sure it doesn't depress the value solely to punish McCourt," Salerno said. Even if the league might believe victory would be likely at trial, Salerno said, its interests might be better served with a settlement. He said such an agreement would keep Selig off the witness stand, preventing him from revealing any potentially damaging information, and would signal to other owners that the commissioner is not averse to striking a deal. Ultimately, Salerno said, there is one criterion that must be met for McCourt and Selig to agree. "Both sides need to be able to declare victory for this to work," Salerno said. bill.shaikin@latimes.com Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 2, 2011 Author Share Posted November 2, 2011 You had to know this was coming... Ken_Rosenthal Ken Rosenthal by jonmorosi Mark Cuban on his level of interest in the #Dodgers: "At more than $1 billion none; under $1 billion, interested." #MLB Quote Link to comment Share on other sites More sharing options...
Milkman delivers Posted November 2, 2011 Share Posted November 2, 2011 What about exactly $1 billion? Quote Link to comment Share on other sites More sharing options...
Harry Chappas Posted November 2, 2011 Share Posted November 2, 2011 In 2004 he bought the team for $400M now it is worth $1B....something does not add up there. Did he buy up the land and the park or something in the last 7 years? Quote Link to comment Share on other sites More sharing options...
cabiness42 Posted November 2, 2011 Share Posted November 2, 2011 What about exactly $1 billion? With sales tax, that would push the total price over $1B. Quote Link to comment Share on other sites More sharing options...
Milkman delivers Posted November 2, 2011 Share Posted November 2, 2011 QUOTE (HickoryHuskers @ Nov 2, 2011 -> 12:20 PM) With sales tax, that would push the total price over $1B. Oh shut up, it was a joke Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 2, 2011 Author Share Posted November 2, 2011 QUOTE (Milkman delivers @ Nov 2, 2011 -> 12:46 PM) Oh shut up, it was a joke You disappointed me. The next answer was supposed to be... well what if they figured out the exact price needed, that when you added sales tax, it ended up exactly at a billion dollars? Quote Link to comment Share on other sites More sharing options...
Milkman delivers Posted November 2, 2011 Share Posted November 2, 2011 QUOTE (southsider2k5 @ Nov 2, 2011 -> 12:48 PM) You disappointed me. The next answer was supposed to be... well what if they figured out the exact price needed, that when you added sales tax, it ended up exactly at a billion dollars? I was going to do that, actually. I just didn't feel like typing it out when I could just say I was joking. Quote Link to comment Share on other sites More sharing options...
cabiness42 Posted November 2, 2011 Share Posted November 2, 2011 Oh shut up, it was a joke Uh, so was mine. I'm not even certain that there is sales tax on something like a sports franchise. Quote Link to comment Share on other sites More sharing options...
Milkman delivers Posted November 2, 2011 Share Posted November 2, 2011 QUOTE (HickoryHuskers @ Nov 2, 2011 -> 01:04 PM) Uh, so was mine. I'm not even certain that there is sales tax on something like a sports franchise. There's money to be made, so I'm sure the government has its hands in there. Then again, it's rich people's money, so maybe they don't. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted November 2, 2011 Share Posted November 2, 2011 McCourt has now officially agreed to sell them. Quote Link to comment Share on other sites More sharing options...
hawksfan61 Posted November 4, 2011 Share Posted November 4, 2011 QUOTE (Harry Chappas @ Nov 2, 2011 -> 11:51 AM) In 2004 he bought the team for $400M now it is worth $1B....something does not add up there. Did he buy up the land and the park or something in the last 7 years? I'm pretty sure when he bought the team that price included the stadium and the parking lots around it. The whole sale was fishy at the time, and was of course greased through by uncle bud. Everyone knew McCourt didn't have any real money, he made his "fortune" off of parking lots in Boston. Fox was desperate at the time to unload the team and for some reason McCourt was the guy MLB wanted as owner. It doesn't surprise me that the team is worth almost a billion including the land and facilities, the Dodgers are a cash cow and up until McCourt really started crapping all over the team the last couple years they always drew very well. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 4, 2011 Author Share Posted November 4, 2011 SI_JonHeyman Jon Heyman word is, mccourt needs $1.2B out of dodgers to pay debts and leave with $. so cubans under a bil idea aint gonna fly Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted November 4, 2011 Share Posted November 4, 2011 QUOTE (southsider2k5 @ Nov 4, 2011 -> 01:27 PM) SI_JonHeyman Jon Heyman word is, mccourt needs $1.2B out of dodgers to pay debts and leave with $. so cubans under a bil idea aint gonna fly How the F*** did he rack up $1.2 billion in debt on a $400 million purchase? Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted November 5, 2011 Share Posted November 5, 2011 Dennis Gilbert sits in the front row behind home plate at Dodger Stadium for more than 70 games a season. But Gilbert, a life-long Los Angeles native, hopes to move closer – as the leader of a group to buy the Los Angeles Dodgers. A major league source confirmed Thursday that Gilbert, 63, a special assistant to White Sox chairman Jerry Reinsdorf, is very interested in buying the storied franchise. Link Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 4, 2012 Author Share Posted January 4, 2012 TBrownYahoo Tim Brown MLB announces Joe Torre resignation. He's joined a group that will pursue purchase of Dodgers. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 4, 2012 Author Share Posted January 4, 2012 TBrownYahoo Tim Brown Torre's competition: Insiders expect at least 30 bids on Dodgers, due Jan. 23. Torre aligned with Rick Caruso. Quote Link to comment Share on other sites More sharing options...
Dick Allen Posted January 4, 2012 Share Posted January 4, 2012 QUOTE (Balta1701 @ Nov 4, 2011 -> 12:49 PM) How the F*** did he rack up $1.2 billion in debt on a $400 million purchase? Does he know Jon Corzine? Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 4, 2012 Author Share Posted January 4, 2012 QUOTE (Dick Allen @ Jan 4, 2012 -> 10:05 AM) Does he know Jon Corzine? Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 20, 2012 Author Share Posted January 20, 2012 BillShaikin Bill Shaikin #Dodgers bankruptcy filing lists $573 million in debts. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 20, 2012 Author Share Posted January 20, 2012 JonHeymanCBS Jon Heyman Gomes has deal with a's. Bay area product will provide big bat vs lhp. Good in clubhouse. Major league deal. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 23, 2012 Author Share Posted January 23, 2012 TBrownYahoo Tim Brown And off we go. The first financial proposals to purchase the Dodgers arrived at Blackstone in NY over the weekend. Soft deadline is today. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted January 30, 2012 Author Share Posted January 30, 2012 BNightengale Bob Nightengale There are at least 5 major groups left in #dodger bidding and all have submitted bids for at least $1.5 billion #mlb Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted February 9, 2012 Author Share Posted February 9, 2012 http://eye-on-baseball.blogs.cbssports.com...297882/34770918 There are 11 groups that have advanced to the second round of bidding for the Dodgers, and the Los Angeles Times' Bill Shaikin has the entire list. Here's Shaikin's list, taken from his story, with his notes on the bidders: Magic Johnson/Stan Kasten: Could soon be joined by richest man in L.A., Dr. Patrick Soon-Shiong. Rick Caruso/Joe Torre: Not out of the running in the Soon-Shiong sweepstakes. Steven Cohen/Arn Tellem: Cohen about to invest $20 million in Mets, able to spend 75-100 times as much on Dodgers. Stan Kroenke: Owner of NFL's St. Louis Rams could move L.A.'s football team back home. Peter O'Malley: Former Dodgers owner backed by South Korean conglomerate E-Land. Tony Ressler: Minority owner of Brewers has discussed partnership with O'Malley. Leo Hindery/Tom Barrack: New York media executive has teamed with L.A. real estate investor and sportsman. Stanley Gold/Disney family: That's the family of the late Roy Disney, Walt's nephew. Jared Kushner: Publisher of New York Observer, son-in-law of Donald Trump. Michael Heisley: Owner of NBA's Memphis Grizzlies hired Jerry West to run his team. Alan Casden: USC Board of Trustees includes Dodgers bidders Casden, Caruso, Gold. Shainkin writes that late bidders could still enter the field, but it appears to be set among this 11. Heisley, the owner of the Memphis Grizzlies also bid on the Cubs and the Minnesota Vikings of the NFL. The 75-year-old Chicago resident has said he'd be willing to sell the Grizzlies to a Memphis-based owner, but nobody has taken him up on it. Shaikin has been the authority on the entire McCourt story and has just done amazing work. If you have the least bit of interest in the Dodgers' bidding and McCourt mess, he's a must-follow on the internet and on Twitter (@BillShaikin). I'm in awe of the work he's done on this story, as he's been ahead of the curve every step of the way and done some amazing reporting on the dollars, cents and sense of the entire story. Quote Link to comment Share on other sites More sharing options...
Texsox Posted February 9, 2012 Share Posted February 9, 2012 I bet we could scrape up an easy $500,00 liquid from posters here. Think we could use that as a down payment and borrow the rest? Quote Link to comment Share on other sites More sharing options...
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