🏈 $2B for the Dodgers?

[planomateo]

I've read that prior to the sale, the team, land, and stadium were worth about $1.4B.

McCourt even with the debt and a divorce ($131m settlement) is gonna make a ton of money.

McCourt paid $430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the parking lots, from the Fox division of Rupert Murdoch's News Corp., a sale that left the team with about $50 million in cash at the time. The team's debt stood at $579 million as of January, according to a court filing, so McCourt stands to make hundreds of millions of dollars even after a $131 million divorce payment to former wife Jamie, taxes and legal and banking fees.

 

[planomateo]

so that article I posted about News Corp mentions that the Fox deal with Dodgers is up, which could be the reason they severely overpaid for the dodgers.

there is an article on ESPN that dogs this deal pretty good http://espn.go.com/los-angeles/mlb/...onomist-2b-los-angeles-dodgers-makes-no-sense

"It was an extraordinary and surprising price," said Andrew Zimbalist, a professor of economics at Smith College. "I rarely admit to not anticipating these things but I did not anticipate a $2 billion price. Keep in mind, in addition to the price, the new ownership group will have to invest something in the neighborhood of $300 million to refurbishing Dodger Stadium and that price does not include $150 million for the surrounding real estate. At the end of the day, you have to question this deal."

"It's problematic," Zimbalist said. "He was looking for some kind of ongoing income stream and he got it. Here's a guy who borrowed practically all the money to buy the team for $430 million and now he's selling it for $2.15 billion and he's coming out with a healthy capital gain -- it's repulsive. This is someone who doesn't deserve to walk away with a healthy profit after eight years of running the Dodgers in the most egregious, the most inefficient, the most self-interested, and the most vainglorious, idiotic way possible. It really is repulsive that he will still be making a profit in some way."

 

[psychojoe]

As a lifelong Dodger fan I am glad to see the McCourts gone. They have run one of the great MLB franchises into the ground.

 

[TerryP]

As a lifelong Dodger fan I am glad to see the McCourts gone. They have run one of the great MLB franchises into the ground.

I like this story.

The last MLB team I was a fan of was the Dodgers. With the loss of Lasorda, my allegiance wained and then was killed by the rest of the rest of the stories around MLB.

Now, enter Ervin Johnson? I followed him closely during this time in college and the pro's. I've watched what he's done with his "business empire" as well. The success of the movie theaters just by itself is noteworthy.

Now, to have him with a stake of ownership? I don't know his leverage in decisions around that franchise, do you?

 

[psychojoe]

I like this story.

The last MLB team I was a fan of was the Dodgers. With the loss of Lasorda, my allegiance wained and then was killed by the rest of the rest of the stories around MLB.

Now, enter Ervin Johnson? I followed him closely during this time in college and the pro's. I've watched what he's done with his "business empire" as well. The success of the movie theaters just by itself is noteworthy.

Now, to have him with a stake of ownership? I don't know his leverage in decisions around that franchise, do you?

Colletti is a very good baseball man, but he has had one hand tied behind his back in recent years because of the team's financial situation. That part of it will definitely improve.

I think that where Magic will help is in restoring the good reputation of the franchise and making Dodger Stadium a safe and fun place to be again.