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LA Dodgers sold to Magic Johnson consortium | LA Dodgers sold to Magic Johnson consortium |
(about 1 hour later) | |
The LA Dodgers baseball club is to be sold to a consortium that includes the former basketball star Magic Johnson. | The LA Dodgers baseball club is to be sold to a consortium that includes the former basketball star Magic Johnson. |
The club and owner Frank McCourt said they planned to sell the team and Dodger Stadium for $2bn (£1.25bn) to Guggenheim Baseball Management LLC. | |
The sale could help the club to emerge from bankruptcy. | The sale could help the club to emerge from bankruptcy. |
Mr McCourt and some affiliates of the buyers will also form a joint venture to buy the surrounding property and car parks for $150m. | |
The deal is subject to approval in a federal bankruptcy court. | The deal is subject to approval in a federal bankruptcy court. |
The business - one of the most prestigious franchises in sport - has been overseen by a bankruptcy court since June. | The business - one of the most prestigious franchises in sport - has been overseen by a bankruptcy court since June. |
That followed a move in April last year by Major League Baseball, the sport's ruling body, to take over the day-to-day running of the club following questions about its financing and a fight for ownership between Mr McCourt and his former wife Jamie. | That followed a move in April last year by Major League Baseball, the sport's ruling body, to take over the day-to-day running of the club following questions about its financing and a fight for ownership between Mr McCourt and his former wife Jamie. |
Debt | |
Mr McCourt bought the team in 2004 from the Fox division of News Corporation for $430m. The deal also gave him ownership of Dodger Stadium and 250 acres of land that included the car parks. | |
The team's debt stood at $579m as of January 2012. | |
The sale announcement came shortly after Major League Baseball owners had approved three bidders for an auction of the team which was expected to start later on Wednesday. | |
Mr McCourt said: "This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots." | Mr McCourt said: "This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots." |
Earvin "Magic" Johnson, 52, played 13 seasons for the Los Angeles Lakers, winning five NBA championships and three Most Valuable Player awards. | |
He retired from the NBA in 1991 after being diagnosed with HIV, the virus that causes AIDS, before returning to the game and eventually retiring for good in 1996. | |
News Corporation's Fox sports unit and Time Warner Cable are now expected to battle for the rights to screen the team's games. | News Corporation's Fox sports unit and Time Warner Cable are now expected to battle for the rights to screen the team's games. |
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