Originally written on The Victory Formation  |  Last updated 4/23/13

LOS ANGELES, CA - AUGUST 30: Frank McCourt leaves Los Angeles County Superior Court after day one of a non-jury divorce trial on August 30, 2010 in Los Angeles, California. The trial, being presided over by Judge Scott M. Gordon in California Superior Court, is to decide whether Frank McCourt is the sole owner of the Los Angeles Dodgers baseball team or his estranged wife and former Dodger CEO Jamie McCourt still has ownership stake in the team. (Photo by Kevork Djansezian/Getty Images)
Back in 2011, former Los Angeles Dodgers owner Frank McCourt filed for Chapter 11 bankruptcy protection and commissioner Bud Selig and MLB seized day-to-day operations of the team because of their concerns about finances of the organization. That was two years ago. Today? Frank McCourt is laughing all the way to the bank. According to a report in the LA Times, McCourt brought home $1.278 billion in profit from the sale of the team last year to a group led by Magic Johnson. Not only does that cover and exceed his losses while operating the team, he still remains with 50% stake in the stadium parking. McCourt sold the Dodgers for $2.15 billion last year in a transaction in which Guggenheim Baseball Management bought the team, Dodger Stadium and a 50% stake in the parking lots surrounding the stadium. McCourt retained a 50% stake in the parking lots. As part of the transaction, Guggenheim assumed $412 million in team debts, according to documents filed in U.S. Bankruptcy Court. After subtracting tax payments and debt assumption from the purchase price, McCourt turned a $1.278-billion profit on the sale of the Dodgers. In 2009, the Chicago Cubs sold for $845 million, the [...]
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