Dodgers sold to group that includes Magic Johnson

[Jacoby_Ellsbury]

http://espn.go.com/los-angeles/mlb/story/_/id/7745566/los-angeles-dodgers-selling-team-magic-johnson-group-2b

 

NEW YORK -- One Los Angeles institution is buying another.

 

A group that includes former Los Angeles Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Los Angeles Dodgers from Frank McCourt for a record $2 billion.

 

The price would shatter the mark for a sports franchise. Stephen Ross paid $1.1 billion for the NFL's Miami Dolphins in 2009, and in England, Malcolm Glazer and his family took over the Manchester United soccer club in 2005 in a deal then valued at $1.47 billion.

 

Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner.

 

The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court.

 

"I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles," Johnson said in a statement.

[yeszir]

Isn't $2 billion overpaying by a significant margin?

[jacksonianmarch]

Cuban was looking to get it under $1 billion. Over 2 is absurd

[Divinity]

I bet the Yankees could easily sell for twice this amount.

[ORS]

I bet the Yankees could easily sell for twice this amount.

Nice try to make this about the Yankees.

 

On topic, is there anything else in the deal? Seems like a whole lot more than Forbes recent valuations.

[BornToRun]

I bet the Yankees could easily sell for twice this amount.

 

Probably, 4 billion dollars, 5 newborn babies to sacrifice to the ghost of Steinbrenner, and the delivery of your eternal soul unto Satan.

 

 

 

 

Plus tax.

[iortiz]

Wow 2 BUSD? It's crazy. According to Forbes Manchester United is the most valuable team in sports; 1.8 BUSD.

 

1. Man UTD. 1.8 BUSD

2. Dallas Cowboys 1.6 BUSD

3. My Washington Redskins 1.5 BUSD

4. New England Pats 1.32

5. The damn Yankees 1.3 BUSD

6. Real Madrid 1.29 MUSD

7. Arsenal 1.2 BUSD

8. New York Giants 1.18 MUSD

9. New York Jets 1.17 MUSD

10. Houston Texans 1.17 MUSD

 

No NBA team in the top ten and Barcelona is not there either, interesting.

[Youk Of The Nation]

Suprised the Steelers, Red Sox, Red Wings, Leafs, Canadiens, among others, weren't on the list. I mean, the Texans? Really?

[BSN07]

The Yankees might sell for as much but not more. They don't own the land where NYS is. The Dodgers own the stadium land and surrounding land which makes up for a decent chunk of that 2 Billion price tag.

 

Me personally I think it's absurd they went for that much, but this is what happens in an auction. And the only reason it went to auction is because of how bad Mcdouchebag screwed everything up.

 

The most disgusting part of the whole deal is Mcdouchebag will still make money off the parking. It's amazing that he ran a storied franchise into the ground after buying it on credit and now walks away with a cash deal for the team for like 4X what he paid for it. I can't believe stupidity can get rewarded like this.