The end of the Frank McCourt era has come and the new reign of Magic Johnson, Steve Kasten and the rest of the Guggenheim Baseball Management group begins. The sale of the Dodgers became official today instead of yesterday with $2 billion changing hands. The delay was a result of excessive paperwork that still needed to be reviewed.
Frank McCourt purchased the Dodgers in January of 2004 for $421 million. After all his debts and bills were paid, McCourt walked away with over $1 billion in pocket and will go down as the smartest investor and business man ever to walk the earth.
“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 released 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.”
Commissioner Bud Selig had this to say about the sale of the Dodgers. “After a long and difficult road, the sale of the Dodgers is now complete, and I am pleased that the club can have the fresh start it deserves under new ownership. In addition, I want to personally thank all Dodger fans for their patience and loyalty during this trying period. I have said many times that we owed it to them to ensure that the club was being operated properly and would be guided appropriately in the future. It is my great hope and firm expectation that today's change in ownership marks the start of a new era for the Los Angeles Dodgers and that this historic franchise will once again make the city of Los Angeles proud.”
The Dodgers have won six World Series titles but none since 1988, when they were still owned by the O'Malley family that moved the team from Brooklyn to California after the 1957 season. Fox bought the team in 1998, then sold it to McCourt. Under McCourt's ownership, the Dodgers reached the postseason four times in eight seasons.
Image taken by brendan-c and used under the Creative Common License Agreement.