Tag:Frank McCourt
Posted on: February 24, 2012 9:16 am
Edited on: February 24, 2012 10:24 am
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Torre's group out of bidding for Dodgers

Joe TorreBy C. Trent Rosecrans

Joe Torre is no longer the Dodgers' manager and it appears he won't own the team, either.

Torre and Los Angeles developer Rick Caruso have withdrawn their bid to buy the Dodgers, Bill Shaikin of the Los Agneles Times reports.

Caruso and Torre cited current owner Frank McCourt's refusal to include the Dodger Stadium parking lots in the deal as the reason they were pulling out of the bidding. The report notes the pair could reenter the bidding if McCourt agrees to include the parking lots.

With the Torre-Caruso pairing out of the bidding, there are still thought to be nine groups bidding for the team, including one led by Magic Johnson and former Braves and Nationals executive Stan Kasten.

The agreement between Major League Baseball and McCourt allows him to retain ownership of the parking lots and even build parking structures on the land if he wants. The new owners of the team would inherit the lease for the parking lots at $14 million per season, with increases starting in 2015.

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Posted on: February 9, 2012 12:57 pm
 

11 bidders for Dodgers revealed

By C. Trent Rosecrans

There are 11 groups that have advanced to the second round of bidding for the Dodgers, and the Los Angeles Times' Bill Shaikin has the entire list.

Here's Shaikin's list, taken from his story, with his notes on the bidders:
Magic Johnson/Stan Kasten: Could soon be joined by richest man in L.A., Dr. Patrick Soon-Shiong.

Rick Caruso/Joe Torre: Not out of the running in the Soon-Shiong sweepstakes.

Steven Cohen/Arn Tellem: Cohen about to invest $20 million in Mets, able to spend 75-100 times as much on Dodgers.

Stan Kroenke: Owner of NFL's St. Louis Rams could move L.A.'s football team back home.

Peter O'Malley: Former Dodgers owner backed by South Korean conglomerate E-Land.

Tony Ressler: Minority owner of Brewers has discussed partnership with O'Malley.

Leo Hindery/Tom Barrack: New York media executive has teamed with L.A. real estate investor and sportsman.

Stanley Gold/Disney family: That's the family of the late Roy Disney, Walt's nephew.

Jared Kushner: Publisher of New York Observer, son-in-law of Donald Trump.

Michael Heisley: Owner of NBA's Memphis Grizzlies hired Jerry West to run his team.

Alan Casden: USC Board of Trustees includes Dodgers bidders Casden, Caruso, Gold.
Shainkin writes that late bidders could still enter the field, but it appears to be set among this 11. Heisley, the owner of the Memphis Grizzlies also bid on the Cubs and the Minnesota Vikings of the NFL. The 75-year-old Chicago resident has said he'd be willing to sell the Grizzlies to a Memphis-based owner, but nobody has taken him up on it.

Shaikin has been the authority on the entire McCourt story and has just done amazing work. If you have the least bit of interest in the Dodgers' bidding and McCourt mess, he's a must-follow on the internet and on Twitter (@BillShaikin). I'm in awe of the work he's done on this story, as he's been ahead of the curve every step of the way and done some amazing reporting on the dollars, cents and sense of the entire story.

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Posted on: January 30, 2012 6:06 pm
Edited on: January 30, 2012 6:35 pm
 

Cuban explains losing out on Dodgers



By Matt Snyder

Dallas Mavericks owner Mark Cuban has now swung and missed three times on owning a baseball franchise. Cuban's latest attempt to join the MLB ranks was with the Dodgers, currently up for sale from Frank McCourt's ownership. Cuban was among the names eliminated from the preliminary bidding and is not a finalist. He spoke to Access Hollywood about why, and it sounds like he didn't want to move on as a finalist.

Dodgers in transition
“It just didn’t work out. I wanted to buy a baseball team; they were selling a media rights deal," Cuban said (Access Hollywood), alluding to the fact that the Dodgers' TV rights are up for sale and obviously a big part of the purchase price.

He then elaborated (Access Hollywood): “The economics got so out of control because the Dodgers’ TV deal’s up for bid and so there’s a lot of groups coming in going, ‘This TV deal’s worth so much money that we’re gonna pay whatever it takes to get the Dodgers.’ And so they’re buying the TV rights deal first and the team second,” Mark said.

It's a bit of a head-scratcher to come at it from this angle, because buying a baseball team is a huge package deal. Every team has TV rights. If they didn't, revenues would be a lot lower. Basically, Cuban's bid was far too low and he thinks the other bids are too high.

But anyway, that's Cuban's story. He's out. The biggest names left in the bidding are Magic Johnson, Rick Caruso (Joe Torre's group), Steven Cohen and the Disney Family.

Hat-tip: Bill Shaikin on Twitter

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Posted on: January 30, 2012 1:05 pm
Edited on: January 30, 2012 1:06 pm
 

Korean company among Dodgers bidders

By C. Trent Rosecrans

Korean retailer E-Land leads a consortium that is on the short list of Dodgers bidders, Yohap News Agency reported on Monday (via Reuters).

This weekend, the Los Angeles Times reported that at least eight bidders had advanced from the more than 12 initial bids. Already out include Mark Cuban, as well as the group including Steve Garvey and Orel Hershiser.

Dodgers in transition
Joining the Korean group in on the bidding is thought to believe a group led by Magic Johnson, another led by real estate developer Rick Caruso (that includes Joe Torre) and another by hedge fundmanager Steven Cohen.

The total cost is expected to be at least $1.5 million.

Major League Baseball has agreed to approve as many as 10 bidders, with Frank McCourt revealing the winning bid by April 1.

The Korean company wouldn't be the first Asian owners in baseball, Nintendo owns the Seattle Mariners.

Baseball is popular in Korea and its national team reached the finals of the last World Baseball Classic, losing to rival Japan in the championship game. Los Angeles also has a huge Korean American population -- more than 300,000, according to the 2009 American Community Survey.

The Dodgers also signed Chan-Ho Park, who was the first South Korean-born player in big league history when he debuted with Los Angeles in 1994.

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Posted on: January 28, 2012 11:13 am
Edited on: January 28, 2012 1:07 pm
 

Dodgers narrow bidding list; Cuban out

By Matt Snyder

The field of potential next Dodgers owners has been narrowed, and the list no longer includes Mark Cuban, reports Bill Shaikin of the Los Angeles Times. The Associated Press reports Cuban refused to say whether he was in or out while at his Mavericks' game Friday night. UPDATE: Shaikin has now tweeted that the Garvey-Hershiser group is also out of the bidding.
Dodgers in transition

Shaikin also has reported that "at least eight bidders have advanced in the bidding and are being called finalists (latimes.com), including the groups led by former Lakers superstar Magic Johnson, real estate developer Rick Caruso (his group includes Joe Torre) and hedge fund manager Steven Cohen.

The initial bids -- from more than 12 groups -- were submitted Monday to the financial firm handling the sale by current owner Frank McCourt.

"Each of the preliminary bids has been reviewed carefully by the Dodgers and its financial adviser Blackstone. Blackstone is notifying all of the bidders as to which ones will and which ones will not advance in the sales process," the Dodgers said in a statement.

"The preliminary round of bidding has underscored the robust nature of the sales process, the significant purchase opportunity which the Dodgers represent, and the enormous value that the sale of the Dodgers, including their media assets, will generate."

McCourt put the team in bankruptcy last year and reached an agreement with Major League Baseball to sell the team by April 30, the deadline for him to make a $131 million divorce payment to former wife Jamie McCourt.

CBSSports.com insider Jon Heyman reports that he's heard at least one bid is in the $1.5 billion range, so McCourt could end up approaching a sale price of $2 billion before it's all said and done.

Major League Baseball has agreed to approve up to 10 bidders while McCourt has agreed to reveal the winning bidder by April 1.

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Posted on: January 23, 2012 2:44 pm
 

Sorting through potential Dodgers bidders



By Matt Snyder


With the wildly unpopular Frank McCourt headed out the door, the Los Angeles Dodgers are for sale. Bids are actually due Monday and McCourt has agreed to make a decision by April 1.

Via Bill Shaikin of the Los Angeles Times, here is a list of the prospective bidders:

Magic Johnson/Stan Kasten: Kasten has been president of the Braves and is the Nationals' current president. And we all know what Magic means to L.A.

Joe Torre/Rick Caruso: The former Dodgers manager and current vice president of the MLB heads up the group.

Steven Cohen/Arn Tellem: Cohen, a hedge fund manager, is one of the richest men in America while Tellem is a high-profile agent.

Mark Cuban: The Dallas Mavericks owner finally got his championship last NBA season, so maybe it's time to get an MLB team? Note that he's tried in the past -- most famously with the Cubs -- to buy a team. It's just that past reports have indicated Bud Selig and several other owners don't want Cuban to join their club.

Tom Barrack: Shaikin reports Barrack has owned a japanese baseball team and a french soccer team in the past.

Ron Burkle: While he can't match Cohen, Burkle is also a member of the Forbes 400, sporting an estimated net worth of $3.2 billion. He's a part owner of the NHL's Pittsburgh Penguins.

Stanley Gold/Disney family: Gold is the president and CEO of Disney's private investment company. The Disney name doesn't really need any further explanation.

Peter O'Malley: The former Dodgers owner apparently wants back in.

Tony Ressler: He's an investor and minority owner of the Brewers.

Dennis Gilbert: The former agent lost out on the bidding for the Rangers.

Alan Casden: He's a self-made real estate developer in Beverly Hills, so that seems like a good fit. Shaikin reports, however, that "MLB wasn't comfortable" with Casden last time he placed a bid on the club.

Tom Golisano: He used to own the Buffalo Sabres of the NHL.

Fred Claire: He was the GM of the Dodgers from 1987-1998.

Steve Garvey/Orel Hershiser: Baseball fans are obviously familiar with the Dodgers connection here.

Fox or Time Warner: We know the TV money is big, but Shaikin reports neither group really wants the team -- they just don't want the other side to buy the team. So each might bid. Try untangling that web of logic.

The Field: The bidding process is not public, so it wouldn't be a total shock of the eventual Dodgers owner was a group or person not on this list.

While it's hard to tell how this entire process will shake out, it has to be a relief to Major League Baseball and Dodgers fans that the next owner is simply going to be ABFM (Anyone But Frank McCourt).

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Posted on: January 8, 2012 1:19 pm
 

Report: Disney family to bid on Dodgers

By C. Trent Rosecrans

The Walt Disney Company used to own the Angels, now the Disney family wants to own the Dodgers.

The family of the late Walt Disney has partnered with Stanley Gold in an attempt to buy the Dodgers, Bill Shaikin of the Los Angeles Times reports.

Roy Disney, nephew of Walt Disney, would own the team as a private investment, not connected to the Walt Disney Co. Gold is the chairman of Burbank-based Shamrock Holdings. Gold and Roy Disney made a public push to out Michael Eisner as the chief executive of the Walt Disney Co.  in 2004.

The Walt Disney Company sold the Angels to Arte Moreno for $180 million in 2003.

While Frank McCourt made a mess out of the Dodgers, the number of groups lining up to bid on the team seems to assure McCourt will make a tidy profit out of his 2004 purchase of the Dodgers. McCourt bought the team for $430 million from NewsCorp and the sale price will likely top $1 billion -- with some estimates reaching $1.6 billion. Other groups of bidders include Magic Johnson, Joe Torre and Peter O'Malley, while Mark Cuban could also get involved.

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Posted on: December 19, 2011 9:40 pm
 

McCourt insinuates Dodgers ticket prices too low

By Matt Snyder

Here comes a story that is surely going to make the already very popular Frank McCourt even more beloved among loyal Dodgers fans.

McCourt, the man who currently has the Dodgers in bankruptcy court, is basically being forced to sell the Dodgers -- as Los Angeles fans rejoice -- but he's reportedly indirectly advising prospective buyers to raise ticket prices.

According to the Los Angeles Times, the "bid book" that McCourt and his attorneys have put together for parties interested in buying the Dodgers notes that the Dodgers had the 10th highest average ticket in the majors last year, despite playing in the second-largest market (I wonder if it notes the pesky little detail that the L.A. market is split with the Angels?).

The LA Times report also notes the Dodgers' revenues have declined each year since 2008 and that the club's debt exceeds $599 million.

Also of note, the Dodgers only sold 64.7 percent of their tickets last season. So now is as good a time as any to drive even more fans away by raising ticket prices, right Frank?

As I said, Dodgers fans have to just love this man.

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