Frank McCourt must sell the Los Angeles Dodgers by April 30th, 2012. Moving over to a new owner is a welcome change for many fans, as McCourt had several financial blunders during his ownership in addition to personal drama.
More than 10 opening bids were received before Monday’s soft bid deadline. Interested parties included previous manager Joe Torre along with developer Rick Caruso, Magic Johnson, former owner Peter O’Malley, Mark Cuban (owner of the Mavericks), Time Warner Cable, and even Larry King. Bidders are required to pay a $25,000 fee to cover the cost of investigation and legal expenses incurred by the MLB.
McCourt’s legal obligation to settle in divorce and bankruptcy court have forced the sale of the LA Dodgers, in which he invested $430 million back in 2004. With such a large amount of bids, the sale price of the team is expected to break $1 billion, and some speculate it may break $1.5 billion, toppling the previous record for sale of an MLB franchise (Chicago Cubs, 2009).
But of course, Major League Baseball has to approve the sale to move ownership of the team. They have stated that the MLB will only approve of 10 bids for the divorce and bankruptcy courts to evaluate. Whatever the outcome, the new owner can be expecting to hear about his/her move in date by April 6th, and have the keys to Dodger’s Stadium on April 30th.
The biggest concern for bidders is that McCourt will potentially retain ownership of the parking lot that surrounds Dodgers Stadium, and may force the new owner to lease the land from him.
Whoever the new owner, many fans are glad to be moving on to a better season this year. And we know just the right movers to help get them in to that new office.