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Posts Tagged ‘Kevin Gross’

Magic Johnson’s Group Buys Dodgers for $2 Billion

Do you believe in Magic?

Magic Johnson‘s bidding group reached a deal to purchase the Los Angeles Dodgers and Dodger Stadium from Frank McCourt for a whopping $2 billion — the highest amount ever paid for a sports franchise. Bankruptcy judge Kevin Gross is expected to approve of the deal on April 13, a little over two weeks before McCourt must pay his ex-wife Jamie $131 million as part of their divorce settlement.

Guggenheim Baseball Management LLC are the official owners, which include Johnson, Mark R. WalterPeter Guber, Stan Kasten, Bobby Patton and Todd Boehly. The controlling owner is Walter, chief executive officer of the financial services company. Kasten, the former president of the Washington Nationals and Atlanta Braves, is expected to run the day-to-day operations.

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Los Angeles Dodgers Allowed to Sell TV Rights

Tough blow for Fox Thursday as U.S. Bankruptcy Judge Kevin Gross approved the Los Angeles Dodgers selling the team’s media rights as part of their bankruptcy plan.

Fox plans to appeal the decision, according to attorney Gregory Werkheiser. If the network loses the Dodgers, regional sports network Prime Ticket could be in jeopardy.

Fox will have until Jan. 14 to negotiate with the Dodgers on a new deal. After that date, outside parties like Time Warner will be allowed to bid.

The cable giant, which signed a media rights deal with the Los Angeles Lakers earlier this year, is expected to make a serious run for the Dodgers’ media rights starting in 2014.

Jamie McCourt Now Supports Media Rights Auction

Monday was a big day for Frank and Jamie McCourt, as the two confirmed their divorce settlement after months of public humiliation.

As part of the settlement, Jamie McCourt received $130 million and relinquished her share of the Los Angeles Dodgers, according to the Los Angeles Times.

In addition to her big payday, Jamie McCourt now supports the proposed auction of the team’s media rights. A spokesman for Frank McCourt released the following statement Monday:

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