Los Angeles Dodgers sale for $2 Billion is a Done Deal

Sports - BSN

(Best Syndication News) - The sale of the Los Angeles Dodgers has been completed today, according to an announcement made by Guggenheim Baseball Management LLC and Frank McCourt. The sale cost the new owners $2 billion.

Mark Walter, Earvin “Magic” Johnson, and Stan Kasten are named as having ownership of the franchise. Mark Walter is the control person, and Stan Kasten is the CEO for the Los Angeles Dodgers.

The Los Angeles Dodgers released a statement saying, "The Dodgers emerge from the Chapter 11 reorganization process having achieved its objective of maximizing the value of the Dodgers through a successful Plan of Reorganization, under which all claims will be paid. The Dodgers move forward with confidence - in a strong financial position; as a premier Major League Baseball franchise; and as an integral part of and representative of the Los Angeles community."

The Los Angeles Dodgers filed for Chapter 11 bankruptcy at the end of June 2011. The previous Dodger owner, Frank McCourt, at that time, released a statement mentioning Major League Baseball Commissioner Bud Selig as the reason for the team filing for chapter 11. Selig refused to allow a media deal between the team and the FOX channel.

By: Dave Reddy

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