Dodgers sale completed
Los Angeles. CA (Sports Network) - The $2 billion sale of the Los Angeles Dodgers to Guggenheim Baseball Management LLC, a group that includes Basketball Hall-of-Famer Magic Johnson, was completed on Tuesday.
The sale comes less than a year after the Dodgers filed for bankruptcy. The previous owner, Frank McCourt, had agreed to sell soon after being awarded the team in a messy divorce settlement.
MLB and the Dodgers had agreed to a court-supervised process to sell the team and its media rights to maximize the team's value, and a U.S. Bankruptcy Court approved the deal in April.
"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 team said in a statement. "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."
Mark Walter will serve as the controlling partner of the Dodgers, while Stan Kasten will be the CEO of the organization.
05/01 14:20:32 ET