Chillin' out till it needs to be funded
LA’s popular Dodgers MLB fanchise is up for sale with a dozen potential suitors including Steve Cohen and Mike Milken, Larry King and some well known lady stars from Hollywood are all interested in the third bidding war this season. Owner Frqank McCourt is giving away part of the team dues to his wife Jamie in a divorce settlement for $131 mln. Leo Hndrey and Magic Johnson, part of the Five time Champion Lakers Team are also tipped for the bid, Magic trying to make a comeback as City mayor “and who knows what else”
The Dodgers and Blackstone, the investment bank representing the team in the sale, have said the club broke even last season, when it finished 82-79 and in third place in the five-team National League West division, according to a person familiar with the negotiations.
While management underscored stadium improvements such as new seats and redone dugouts, multiple bidders said they would probably have to spend as much as $450 million over the next few years on payroll and upgrades to the ballpark and surrounding infrastructure. Blackstone started conducting management presentations this week, which the bidders say they hope will make the Dodgers’ capital needs and revenue capabilities clearer.
Unlike other bidding wars that went north for the silliest preoccupations in Healthcare and in Mining now, the deal for this team is likely to end at below $1.5 bln even as shortlisted bidders likely include Magic Johnson, Steve Cohen and Joe Torre, a former Yankees/Dodgers manager with Rick Caruso from Real Estate. Bids worth $1.2 bln from News Corp have already been turned down by the McCourts