Magic Johnson’s group agrees to buy Dodgers for record price of $2 billion

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UPDATE: Here’s the text from the press release, officially announcing word of the agreement between the two sides:

The Los Angeles Dodgers and Frank McCourt today announced an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process.  The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.  Mr. McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.

The Los Angeles Dodgers stated, “This transaction underscores the Debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full.”

Frank McCourt stated, “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, which bodes well for the Dodgers, its fans and the Los Angeles community.  We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.”

Earvin “Magic” Johnson stated, “I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles.”

11:08 PM: Whoa. Dennis K. Berman of the Wall Street Journal reports that Johnson’s group have agreed to purchase the Dodgers for $2 billion. One would think this offer would be good enough to include the parking lots, right?

The good news is that Dodgers fans will have the most popular sports figure in Los Angeles as part of the new ownership group, but McCourt is going to walk away from this thing filthy, stinkin’ rich.

11:06 PM: It’s Showtime.

Details are scarce at the moment, but Ken Gurnick of MLB.com reports that the Dodgers have reached an agreement to be sold to the group led by Magic Johnson and longtime MLB and NBA executive Stan Kasten.

MLB owners had approved the groups led by billionaire hedge-fund manager Steve Cohen and St. Louis Rams owner Stan Kroenke, but outgoing owner Frank McCourt has apparently identified Johnson’s group as the winning bidder. No word yet on the exact terms, but most estimates had the sale price to exceed $1.5 billion, which would establish a new record for a North American sports franchise.

Twins’ top prospect Nick Burdi will undergo Tommy John surgery

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Twins’ right-hander Nick Burdi is set to undergo Tommy John surgery on his right elbow, the team announced on Friday. Burdi made 14 appearances for Double-A Chattanooga before succumbing to a torn ulnar collateral ligament and is not expected to make his major league debut until mid-2018 at the earliest. A UCL tear doesn’t always require Tommy John surgery — less severe cases can be treated with platelet-rich plasma injections, for example — but Twins’ chief baseball officer Derek Falvey told the press that surgery was unavoidable as Burdi had sustained a “full thickness tear” in his elbow.

Entering the 2016 season, Burdi was widely considered a top ten prospect in the Twins’ system. His exceptional velocity and potent fastball-slider combo made him a fearsome relief option as he came off of his first season in Double-A Chattanooga in 2015. During the 2016 season, however, the 24-year-old experienced a significant setback after a bone bruise cut his season short in late July. Prior to Friday’s diagnosis, he appeared to be staging an impressive comeback with the Chattanooga Lookouts this spring, decorating his efforts with a sparkling 0.53 ERA, 2.1 BB/9 and 10.6 SO/9 over 17 innings.

It’s a tough break for the Twins, whose farm system was ranked 21st in the league by Baseball America. “Obviously he’s proven when he’s healthy he’s an absolute premium prospect, and the Twins are treating him that way,” Burdi’s agent, Matt Sosnick, told Mike Berardino of the Pioneer Press. “We just want to make sure everything we do ultimately leads to the goal of getting him back on the field as quickly as he can.”

Brock Holt has been shut down from game activity

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Things have gone from bad to worse for Red Sox’ outfielder Brock Holt, who was shut down “for the foreseeable future” on Friday after meeting with head trauma specialist Michael Collins. The Red Sox placed Holt on the 10-day disabled list in April after he began experiencing vertigo, the latest in a series of head injuries he’s sustained since last spring.

According to the Boston Herald’s Jason Mastrodonato, the outfielder was initially advised to attempt playing through his symptoms, but it quickly became apparent that the strategy wasn’t going to work. Now, the plan is to shut him down from any game activity in the hopes that he’ll be able to recover from all lingering symptoms before returning to the roster. Club manager John Farrell told reporters that the 28-year-old is still cleared to take batting practice and work on his defense, but won’t continue his rehab starts in Triple-A Pawtucket for the time being.

Holt had been making regular appearances for the Pawtucket Red Sox and was batting .209/.292/.372 with two home runs through 14 games this spring. This season marks his fifth run within the Red Sox’ organization. He experienced a bit of a slump at the plate in 2016 and slashed .255/.322/.383 after breaking out during his first All-Star year in 2015.

Pete Abraham of the Boston Globe suggests that the team’s concern for Holt extends past his setbacks at the plate. It’s still a long road to a full recovery, and while Farrell told reporters he believes the outfielder is on track to make a return sometime in 2017, he’ll need to make sure that Holt is both physically and mentally prepared to do so.