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Joe Torre Resigns From MLB, Joins Local Developer To Bid On Los Angeles Dodgers

Former Los Angeles Dodgers manager Joe Torre liked the team so much, he has decided to try to buy them. Torre, who managed the Dodgers from 2008-2010, announced on Wednesday that he is teaming with billionaire developer Rick Caruso in a bid to purchase the Dodgers, who are currently in bankruptcy.

Bids are due from potential parties by January 23, and the team is to be sold by April 30 by agreement between Frank McCourt and Major League Baseball.

Be sure to read True Blue LA for local reaction to the potential Torre/Caruso bid to buy the Dodgers.

Torre resigned his position as an MLB executive in order to join forces with Caruso. "I have great confidence in Rick Caruso’s unique qualifications and his ability to lead a successful bid for the Los Angeles Dodgers," Torre said in a statement on Wednesday. "In Rick I found a partner who understands consumers and fully appreciates that the Dodgers are a treasured LA institution. Since moving to Los Angeles, I have seen firsthand Rick’s dedication to business and the people of Los Angeles. I am very excited about this new opportunity and also want to thank Commissioner Selig and Major League Baseball for providing me with invaluable baseball operations experience over the past 10 months."

Caruso is probably best known for developing The Grove at Farmers Market in Los Angeles, and was considered a potential candidate to run for Mayor of Los Angeles. Bill Shaikin of the Los Angeles Times reported on the money source behind the Torre/Caruso team:

The banker in the Caruso/Torre group is Byron Trott of BDT Capital in Chicago, called by Warren Buffett "the only banker he trusts."

"The Dodgers are an iconic Los Angeles franchise, and I am thrilled to partner with Joe Torre, one of baseball’s all-time greats, to launch a bid for this storied organization. Joe has a proven track record of fielding winning teams and I am looking forward to our group benefiting from his unique experience," Caruso said in a statement on Wednesday. "I am a lifelong Angeleno; I love this city and have dedicated my career to creating world-class destinations that support this community and foster great customer experiences. Joe and I believe in the Dodgers and Dodger fans and know that together we will foster a winning culture and deliver a premier, fan-focused baseball experience at Dodger Stadium."