Dodgers Sale: Field Of Potential Dodgers Buyers Is Narrowing Down, Joe Torre Group Still In Running

Sunday, January 22 was the deadline to submit opening bids for the Los Angeles Dodgers franchise. Bill Shaikin of the Los Angeles Times reported earlier this week that the Dodgers received over 10 opening bids.

That list of bidders included Dallas Mavericks owner Mark Cuban, a group including the family of the late Roy Disney, a group including former Los Angeles Lakers superstar Magic Johnson and a group including former Dodgers manager Joe Torre.

Shaikin reported on Friday that eight of those groups had advanced to the second round of bidding. A follow-up Twitter message on Friday revealed that two of the suitors who did not advance were Cuban and former sports agent Dennis Gilbert.

The franchise is projected to be sold at anywhere between $1 billion and $1.5 billion. If the groups including Disney, Torre and Johnson are among those that still remain in the mix, that makes three very strong, very deep ties to the area attempting to take over the Southern California institution. At this point, it is likely that Dodgers fans are of the opinion that any new owner would be a vast improvement over the Frank McCourt era.

For all news and information regarding the Dodgers, please visit True Blue LA.

Unique Sale Of Dodgers Could Cause Problems For MLB Later

Sunday was the deadline to submit opening bids for the Los Angeles Dodgers Franchise. In the past month, owner Frank McCourt has come to a number of seemingly clandestine secrets with Bud Selig and Major League Baseball to help facilitate a speedy sale of the team.

According to Steven Church at Bloomberg, the deal struck between Selig and McCourt not only bolsters the potential selling price of the team, it also leads to a possible increase in bidders that may have close personal ties to the MLB commissioner.

Church hypothesizes that this sort of bargaining between Selig, when all indications were that McCourt had little goodwill left to bargain with, could set a precedent for future dealings and future team sales. Many details surrounding McCourt's recent bankruptcy tend to suggest that he was using the Dodgers franchise as a sort of personal slush fund for himself and his family. Now he stands to pocket upwards of $1 billion as a result of his shifty team ownership.

Selig and MLB insist that the deals struck with McCourt are viewed as a "one-time deal," but they should be very worried about other current and future team owners who may look for an easy out and a quick profit later on.

For all news and information regarding the Dodgers, please visit True Blue LA.

Los Angeles Dodgers File Reorganization Plan In Bankruptcy Court

As the Los Angeles Dodgers continue to wade through their current bankruptcy proceedings, the Los Angeles Times is reporting that the team filed their reorganization plan in U.S. Bankruptcy court on Friday, noting their $573 million in debt and how they plan to get rid of it.

All creditors will be paid in full according to the team, mostly paid with money from the ongoing sale of the team.

The proposed strategy is set for court approval on April 13, with the plan to have new ownership in place by then. The Dodgers hope to be out of bankruptcy by April 30, the same day Frank McCourt must close the sale of the team, as well as pay his ex-wife $131 million per terms in his divorce.

One question mark that remains is the Dodgers’ current legal issues with the family of Bryan Stow, the San Francisco Giants fan severely beaten at Dodger Stadium last March.

"LAD disputes liability for Mr. Stow’s injuries and intends to challenge Mr. Stow’s proof of claim," the Dodgers’ filing read, with "LAD" used as an abbreviation for the Dodgers. "To the extent that LAD … may be found liable to Mr. Stow, the debtors believe that this claim may be covered by insurance."

The Dodgers still a lot to hash out before April, that’s for sure; and I’m not talking about baseball.

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Frank McCourt, Los Angeles Dodgers Can Strike New TV Deal Early, Bankruptcy Court Rules

Frank McCourt and the Los Angeles Dodgers won a legal battle against one of their final court foes on Thursday. Delaware Bankruptcy Court judge Kevin Gross ruled that the Dodgers were allowed to sell their broadcast television rights along with the team, per Bill Shaikin of the Los Angeles Times.

The Dodgers currently have a television contract through 2013 with Fox, one that did not allow them to negotiate with other companies until November 30, 2012. Under the new ruling, the Dodgers will have a 45-day period to work out a new deal with Fox, starting from November 30, 2011. After January 14, 2012, if the Dodgers and Fox don't reach an agreement, they can open up the bidding to other suitors.

"Dodgers attorney Bruce Bennett said he hoped to reach an agreement with Fox that would satisfy the company that it could pursue a stay and proceed with negotiations at the same time," Shaikin reported in the Los Angeles Times. "The parties are expected to resume mediation as well."

McCourt and MLB reached agreement for the Dodgers to be sold by April 30, 2012.

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Dodgers Owner Frank McCourt Seeks Approval To Negotiate New TV Deal Before Selling Team

After the prolonged legal struggle between Major League Baseball and Los Angeles Dodgers owner Frank McCourt, perhaps it's no surprise that there's yet another new wrinkle to the story.

McCourt, who has been ordered to sell his ownership of the team, is now attempting to negotiate a new deal for television rights to the Dodgers, reports Bill Shaikin of the Los Angeles Times. McCourt had been ordered to complete the sale of the team by April 30, 2012, which would allow the Dodgers to open the season under new ownership. Now McCourt, in an attempt to obtain the highest possible sale price, has asked the U.S. Bankruptcy Court to allow him to negotiate the sale of the team's television rights.

As you can imagine, this request isn't sitting well with Fox Sports, which currently owns the television rights to the team. They're hoping to contest McCourt's request, and a hearing is set for November 30. Obviously there is the potential that this new development could further delay the potential sale of the team, or result in an extension of the sale deadline. Hopefully, this new development will resolve itself as quickly as possible.

Keep up to date on all the news and notes related to the Los Angeles Dogders at True Blue LA.

Reactions To Frank McCourt's Selling of the Dodgers

Well, Frank McCourt is selling the Los Angeles Dodgers, and reaction to it has been somewhere similar to when Dorothy's house landed on the Wicked Witch. Fans of the Boys in Blue can look forward to have a baseball team again instead of an over-priced amusement park ride, but let's see what folks are saying about this monumental event in the history of the Dodgers. 

from Dodger Thoughts:

Opening Day? Won't tomorrow feel a little like Opening Day? 

The cloud that's been over the Dodgers was no ordinary cloud. Southern California or not, Dodgers fans are used to walking through some rain. But this cloud was toxic. It wasn't that Dodgers fans couldn't stay dry -- it was that they had trouble breathing.     

Very poetic yet very poignant. The 'suffering' of being a Dodger fan ends with the last sight of Frank McCourt riding out of town. Obviously he couldn't have left soon enough. 

from Mike Scioscia's Tragic Illness:

In addition, don't forget the happy ancillary benefits that could come along with this... namely, the hope that a new owner might want to bring along his own general manager - one who wouldn't give Juan Rivera $4m, Juan Pierre $44m, Jason Schmidt $47m, amongst a litany of other errors.    

That's pointing the finger at you Frank, if you hadn't figured that out. 

Bill Plaschke didn't hold any punches in the L.A. Times Wednesday morning either:

Maybe I should recall how Frank and wife Jamie showed up as this city's newest power couple, only to allow their power struggle to tear the team apart. Maybe I should remember how Frank and Jamie preached family and community, then watched fans stand in two-inning-long concession stand lines while filling their pockets for mansions and private planes.

Take a hike, Frank. Don't let the Chavez hit you in the Ravine on the way out.       

Oh Plaschke. You always know how to make me giggle with your quirky sayings....

Ramona Shelburne pointed out at ESPN LA how the power came back ot the poeple as the disenchantment with McCourt grew and grew:

This summer, in a stunning show of civic pride, Dodgers fans spoke the loudest when they said nothing at all.

They stayed away, so McCourt would go away.

Attendance fell a staggering 18 percent. Most days the park appeared half-full. There was no organizer or leader behind the movement. Somehow, millions of people all came to the same place, and spoke with the same voice. The message was clear.

A city wanted its team back.

It feels strange to be in this place, finally. This is a day that seemed like it would always come, but would never come soon enough.

Face it Dodger fans. He's outta here. You can go ahead and be happy now. 

For more on the Dodgers, head over to True Blue L.A. 

Frank McCourt's Exit Brings Relief To Dodgers Fans

Frank McCourt Agrees To Sell Dodgers

It was said earlier today that Frank McCourt might be close to a bankruptcy settlement with MLB that would allow the Los Angeles Dodgers to be sold. Now Bill Shaikin of the LA Times is reporting that Frank McCourt has agreed to allow for a bankruptcy court auction of the team:

McCourt and Major League Baseball have agreed to seek approval from the U.S. Bankruptcy Court for an auction of the Dodgers. The sale is expected to include the team, Dodger Stadium and the surrounding parking lots, a package bought by McCourt for $421 million in 2004 and likely to sell for two to three times as much now.

The hope is to get the deal done in the offseason. McCourt first took the team into bankruptcy in June, so it’s surprising that there’s been such a sudden turn of events.

MLB and the Dodgers released a joint statement confirming the news: 

"The Los Angeles Dodgers and Major League Baseball announced that they have agreed today to a court supervised process to sell the team and its attendant media rights in a manner designed to realize maximum value for the Dodgers and their owner, Frank McCourt. The Blackstone Group LP will manage the sale process."

The sale of the Dodgers' television rights has been a contentious point in the bankruptcy proceedings, with McCourt claiming MLB was unfairly holding up a deal between the Dodgers and Fox Sports for the broadcast rights. According to the statement, McCourt would be able to sell the TV rights as part of his sale of the team. 

The situation would be similar to what the Texas Rangers went through before the 2010 season. However, in that case Mark Cuban was the highest bidder, but MLB chose to grant the Rangers to a Nolan Ryan led group. If the McCourts have a true bankruptcy auction, they’ll have to sell to the highest bidder.

Mark Cuban has been floated as a potential buyer for the LA Doders. Whether he makes a bid is up to him. Whoever the next owner is, they’ll be the third since Peter O’Malley sold in 1998.

Mark Cuban Could Buy Dodgers If Price Is Right

Los Angeles Dodgers owner and chairman Frank McCourt is close to securing a bankruptcy settlement with MLB that will allow the Dodgers to be sold. According to Bill Shaikin of the Los Angeles Times, Mark Cuban displayed interest in buying the Dodgers months ago and could be a factor moving forward.

Cuban reportedly offered to buy the Dodgers several months ago but was deterred by McCourt's asking price of over $1 billion. Cuban, owner of the NBA's Dallas Mavericks, has a passionate interest in sports and is constantly looking to extend his sports ventures further. The $1 billion price tag, however, kept Cuban at bay at the time.

Now that the Dodgers may be sold, Cuban could once again become the franchise's new owner. In Cuban's words, "At the right price, I'm interested."

A settlement with MLB would give McCourt some control over the sale of the Dodgers. The sale would likely include Dodgers Stadium and the parking lots around the venue.  

Report: Frank McCourt, MLB Close To Bankruptcy Settlement

The seemingly endless battle between Frank McCourt and Major League Baseball might, and I stress might, be close to a resolution. McCourt is reportedly close to a bankruptcy settlement with MLB that would allow the Los Angeles Dodgers to be sold, per Bill Shaikin of the Los Angeles Times:

McCourt would get some control over the sale, people familiar with the negotiations said Monday. The purchase probably would include Dodger Stadium and the surrounding parking lots in a package that could command a record price of $1 billion or more.

Even though McCourt reached a $130 million divorce settlement with his ex-wife Jamie, he still continues to fight a war on multiple fronts. He is battling with MLB for control of his team, and also with Fox, with whom the Dodgers have a television deal with two years remaining. Even if McCourt ultimately wins the right to negotiate a new TV contract, he is so heavily leveraged that his ultimate gain may be minimal. Shaikin explains:

Based on figures McCourt submitted to the Bankruptcy Court, he would be hard-pressed to sell the Dodgers' television rights, settle his divorce and be left with enough capital to renovate Dodger Stadium and restore the team to prominence.

Reaching a settlement with MLB would give McCourt some control over the sale, and likely some sort of a guaranteed return, depending on how much commissioner Bud Selig and the other owners are willing to pony up to oust McCourt.

It has been 25 long months of acrimony since the McCourts announced their separation, which begin this very public and embarrassing decay of the perception, if not the reality, of one of the flagship franchises of Major League Baseball.

At least with this news there is some hope, however small, of an end to this sad chapter in Dodgers history. The sooner it ends, the better. So we can all move on. Finally.

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Dodgers Divorce: Frank And Jamie McCourt Come To An Agreement

Frank McCourt finally has the divorce settlement in place that makes him one step away from keeping the Dodgers. Only thing in his way now: Commissioner Bud Selig.