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


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.

Video: Tommy Pham hits a monster homer in his first playoff at-bat

AP Photo/Jeff Roberson
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Tommy Pham started off his playoff career in style, blasting a solo home run in the eighth inning of the Cardinals’ Game 1 win against the Cubs, padding the lead to 2-0 at the time. Pham launched a 3-1, 87 MPH cutter from John Lester way over the fence in left-center field at Busch Stadium.

The Cardinals would tack on two more runs before the frame ended, as Stephen Piscotty hit a two-run homer against Pedro Strop.

Pham, 27, posted a .901 OPS in 196 plate appearances with Triple-A Memphis and an .824 OPS in 173 PA at the major league level. He was a great source of outfield depth for the Cardinals earlier this season when Randal Grichuk succumbed to an elbow injury.

Angels claim Todd Cunningham off waivers from the Braves

Todd Cunningham
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The Angels have claimed outfielder Todd Cunningham off waivers from the Braves, MLB.com’s Mark Bowman reports. Pitcher Jo-Jo Reyes was designated for assignment to create room for Cunningham on the 40-man roster.

Cunningham, 26, took only 93 trips to the plate for the Braves this season, batting .221/.280/.267 with 15 singles, four doubles, four RBI, and 13 runs scored. He did play above-average defense in limited playing time. Cunningham will simply serve as organizational outfield depth for the Halos.

The waiver claim is the first move made by new Angels GM Billy Eppler, who joined the team from the Yankees earlier this week.

Cardinals take 1-0 NLDS lead over the Cubs behind John Lackey’s brilliant outing

John Lackey
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John Lackey flirted with a no-hitter but settled for 7 1/3 terrific, shutout innings to beat the Cubs in Game 1 of the NLDS on Friday. The right-hander held the opposition to two hits and a walk while striking out five. Lefty reliever Kevin Siegrist struck out two to finish the eighth without issue. Closer Trevor Rosenthal worked around a one-out walk and a two-out single in the ninth to seal the 4-0 win, recording all three outs on called strike threes.

Lackey brought a no-hitter into the sixth inning, but lost it quickly when Addison Russell hit a ground ball single up the middle to lead off the frame. Russell would steal second base but was stranded.

Opposing starter Jon Lester wasn’t too shabby himself, relenting three runs on five hits while walking one and striking out nine in 7 1/3 innings. The first run came around in the first inning on Matt Holliday‘s RBI single, which followed a one-out double by Stephen Piscotty. Tommy Pham pinch-hit in the pitcher’s spot in the eighth inning and launched a solo home run off of Lester to double the Cardinals’ lead. Lester walked Matt Carpenter before exiting. Pedro Strop came in and promptly served up a two-run home run to Stephen Piscotty.

The closest the Cubs came to scoring was when Dexter Fowler sent a deep fly ball to right field with a man on base and two outs in the sixth inning, but Randal Grichuk caught it with a foot or two to spare in front of the fence on the warning track.

The two clubs will play Game 2 of the NLDS on Saturday at 5:30 PM EDT. Kyle Hendricks will start for the Cubs and oppose Cardinals lefty Jaime Garcia.