LA Dodgers sold to Magic Johnson consortium
Published: 28th Mar 2012 11:20:21
The LA Dodgers baseball club is to be sold to a consortium that includes the former basketball star Magic Johnson.
The club and owner Frank McCourt said they planned to sell the team and Dodger Stadium for $2bn (£1.25bn) to Guggenheim Baseball Management LLC.
The sale could help the club to emerge from bankruptcy.
Mr McCourt and some affiliates of the buyers will also form a joint venture to buy the surrounding property and car parks for $150m.
The deal is subject to approval in a federal bankruptcy court.
The business - one of the most prestigious franchises in sport - has been overseen by a bankruptcy court since June.
That followed a move in April last year by Major League Baseball, the sport's ruling body, to take over the day-to-day running of the club following questions about its financing and a fight for ownership between Mr McCourt and his former wife Jamie.
Mr McCourt bought the team in 2004 from the Fox division of News Corporation for $430m. The deal also gave him ownership of Dodger Stadium and 250 acres of land that included the car parks.
The team's debt stood at $579m as of January 2012.
The sale announcement came shortly after Major League Baseball owners had approved three bidders for an auction of the team which was expected to start later on Wednesday.
Mr McCourt said: "This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots."
Earvin "Magic" Johnson, 52, played 13 seasons for the Los Angeles Lakers, winning five NBA championships and three Most Valuable Player awards.
He retired from the NBA in 1991 after being diagnosed with HIV, the virus that causes AIDS, before returning to the game and eventually retiring for good in 1996.
News Corporation's Fox sports unit and Time Warner Cable are now expected to battle for the rights to screen the team's games.
At 16:00:40 in HeadlinesIceland has issued a red alert to the aviation industry for the Bardarbunga volcano, meaning significant ash emissions are likely.
At 15:58:00 in WorldThe authorities in China have shut down the 11th Beijing Independent Film Festival on its opening day.
At 15:52:21 in EnglandAn Oxfordshire after-school club for children with learning disabilities has been closed after it was rated "inadequate" for a second time.
At 15:51:28 in SportAs Barcelona prepare for Sunday's La Liga home opener against Elche, the Nou Camp outfit can certainly reflect upon a busy summer.
At 15:47:13 in HeadlinesPalestinian President Mahmoud Abbas has called on Israel and Hamas to attend fresh talks in Egypt.
At 15:47:08 in WalesCardiff Bay plays host to some of the world's best sailors as the Extreme Sailing Series returns to the Welsh capital for a third consecutive year.
At 15:38:28 in SportBritish gymnast Giarnni Regini-Moran claimed his second gold medal of the Nanjing Youth Olympics with floor victory on day seven in China.
At 15:29:01 in SportShakhtar Donetsk's Donbass Arena has been damaged by two explosions as unrest between national forces and pro-Russian separatists continues.
At 15:25:04 in HeadlinesIvory Coast has become the latest African country to close its land borders to prevent the spread of the deadly Ebola virus on to its territory.
At 15:21:21 in EnglandUnusually high numbers of whitebait have been causing the sea off west Dorset to apparently "boil".
Harvard CitationBBC News, 2012. LA Dodgers sold to Magic Johnson consortium [Online] (Updated 28th Mar 2012)
Available at: http://www.ukwirednews.com/news/1419202/LA-Dodgers-sold-to-Magic-Johnson-consortium [Accessed 23rd Aug 2014]
News In Other Categories
As Barcelona prepare for Sunday's La Liga home opener against Elche, the Nou Camp outfit can certainly reflect upon a busy summer.
The "Yes" and "No" campaigns in the independence referendum have set out rival visions of the NHS in Scotland.
Can you keep a secret? The technology industry sure can't.
BT has warned millions of customers it is increasing its prices by up to 6.5% from December this year.
A comedian who was named best newcomer at last year's Edinburgh Fringe has scooped the Foster's Comedy award for best show at this year's festival.
Iceland has issued a red alert to the aviation industry for the Bardarbunga volcano, meaning significant ash emissions are likely.