Former LA Laker Buyer the Dodgers!!! There’s Magic in the Air -
Magic’s group will spend $2 billion for the team and $150 million for a joint venture with the beleaguered seller, Frank McCourt, on the land surrounding Dodger Stadium (imagine the revenues from the parking lots). McCourt resisted selling the lots, preferring instead to lease them to the new owner. McCourt bought the team in 2004.
Earlier Monday, Major League Baseball owners had approved three bidders for McCourt to choose from: the Johnson group; a group consisting of two billionaires, Steven A. Cohen and Patrick Soon-Shiong; and Stan Kroenke, the billionaire owner of the St. Louis Rams, the Colorado Avalanche and the Denver Nuggets.
In a statement, Johnson said, “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.”
The deal will still have to be approved by the judge overseeing the Dodgers’ bankruptcy.
—Steven Cohen, founder of the hedge fund SAC Capital Advisors and a new limited partner of the New York Mets; biotechnology entrepreneur Patrick Soon-Shiong; and agent Arn Tellem of Wasserman Media Group.
“The obvious front-runner was Steve Cohen. He planned on using his own money rather than someone else’s money.