The Dodgers’ long baseball nightmare is over!
In a quick, dramatic end to the year-long financial crisis of the Los Angeles Dodgers, the team’s owner, Frank McCourt, agreed to sell the team Tuesday night for $2.15 billion to a group headed by Magic Johnson, the Lakers’ Hall of Famer.
The Johnson group’s deal, financed largely by Guggenheim Partners, a Chicago-based financial services firm, includes $2 billion for the team (minus $412 million in debt) and $150 million to create a joint venture with McCourt on the parking lots and land surrounding Dodger Stadium. The deal is valued at $2.3 billion.
If the all-cash deal is approved by the judge overseeing the Dodgers’ bankruptcy, the price will be the most ever paid for a professional sports team.
Good riddance, finally, to that miserable and miserably under-financed McCourt. My only regret is that he’ll walk away with a half-billion bucks on top of his initial investment of $421M, which was mostly debt in the first place. But that’s okay, as long as he goes away.