The 2012 MLB Season Thread

quagmire said:

So not only are we paying Burnett to play for the Pirates, we are paying him to sit on his butt while healing.....

http://www.mlbtraderumors.com/2012/03/quick-hits-burnett-sizemore-posey-yankees.html

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NEW YORK -- 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 North American sports franchise, topping the $1.1 billion Stephen Ross paid for the NFL's Miami Dolphins in 2009.

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.

Said Dodgers general manager Ned Colletti: "We're thrilled that the bidding process has concluded and certainly looking forward to working with the new ownership group to bring another world series championship to L.A. I think it's tremendous for the city and the fans of the Dodgers."

He added: "I think it was important to have deep L.A. roots, and that is what this group also brings. I think that is important to the fans, especialy those in southern California. Magic is not only great basketball player, but also a great businessman in the city."

As part of the agreement, the Dodgers said McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium, including its parking lots, for $150 million. A source with knowledge of the situation, speaking on the condition of anonymity, told ESPNLosAngeles.com's Tony Jackson that means the group will purchase half the Dodger Stadium parking lots, which were deemed to have a total value of $300 million, with McCourt keeping the other half. The source said it has yet to be determined how that relationship will work and whether the new ownership group still will be forced to lease the McCourt-owned half of the lots.

"If they invested that much money, I'm sure they'll invest to get us a winner," said Tommy Lasorda, the Dodgers' retired Hall of Fame manager. "I wish them all the luck, and I admire them. I know both of them. I know Magic from the day he came into Los Angeles as a basketball player for the Lakers."

The acquiring group, called Guggenheim Baseball Management, has several other investors, among them Mandalay Entertainment chief executive Peter Guber, Guggenheim Partners president Todd Boehly and Bobby Patton, who operates oil and gas properties among his investments. Kasten is the former president of the Atlanta Braves and Washington Nationals.

"I am truly honored to have partnered with such talented individuals and to be associated with the Dodgers organization," Walter said. "We look forward to building upon the legacy of the Dodgers and providing long-term stability to one of the most revered franchises in baseball.

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Queen of Spades said:

So McCourt buys the Dodgers for $430 million, mismanages them to financial hell, gets pitchforked out of town....and the team sells for almost five times what he paid for it?

Anyone know the financial particulars of that mess? I confess I didn't follow the numbers or how that all shakes down very closely. He doesn't make a profit from his stupidity, does he? That would make my head explode.

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