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March 27th, 2012, 11:32 PM #1Dodgers Sold to Magic Johnson group for $2 B
The Parking Lot Guy, Frank McCourt, announced tonight that the winner in the LA Dodgers' sweepstakes is the Magic Johnson-Stan Kasten-Mark Walter group, and for the measly sum of $2 Billion, will be the new team owners.
The bad news is that McCourt also made a side deal to pay $150,000,000 back to the group to retain Dodger Stadium land, and thus, is STILL the Parking Lot Guy.
Peter O'Malley sold the team to Fox in 1998 for just over $300 M, and Fox sold to McCourt for $430 in 2004. Fox was the real culprit in destroying the franchise, though McCourt made things worse, and made the headlines.
A $1.5 B profit just isn't right.
March 28th, 2012, 09:24 AM #2
March 28th, 2012, 02:49 PM #3
Their broadcasting deal could make most of it back pretty quickly. When the current contract expires in a couple of years (McCourt tried to void the current with Fox a couple of times - a while back to form his own network and in the bankruptcy to try to re-sell the rights as part of the team deal) there will be a battle between Fox and Turner, and again with the Dodger's possibly planning their own network, that likely will bring in over $300 M per year.
Back in 1998 when Fox bought the team they did it for only one reason - broadcasting rights. That didn't work out the way they thought it would and that is why they sold out.
The Dodgers pioneered 2 million attendance seasons in the 1960s, and later on 3 million attendance seasons. With a quality product on the field and stable, honest, ethical ownership, and some stadium updates, they will be drawing 4 million per season.
2 Bil is a hard nut to crack, and hundreds of millions more will be needed in operating costs, but they can make a profit, a big profit.
April 3rd, 2012, 10:10 PM #4
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