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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.

World Series Game 1 Lineup: Schwarber and Coghlan in, Heyward out

LOS ANGELES, CA - OCTOBER 18:  Chris Coghlan #8 of the Chicago Cubs reacts after lining out to end the game against the Los Angeles Dodgers in the ninth inning of game three of the National League Championship Series at Dodger Stadium on October 18, 2016 in Los Angeles, California.  (Photo by Harry How/Getty Images)
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The Cubs and Indians have released their lineups for Game 1 of the World Series.

Joe Maddon makes two notable changes: Kyle Schwarber as the DH and Chris Coghlan in right, with Jason Heyward on the bench.

Heyward has been close to a lost cause at the plate all season for the Cubs and is 2-for-24 in the playoffs this year. While his defense is a plus, Maddon has decided that he’d rather have the lefty Coghlan facing Corey Kluber.

1. Dexter Fowler (S) CF
2. Kris Bryant (R) 3B
3. Anthony Rizzo (L) 1B
4. Ben Zobrist (S) LF
5. Kyle Schwarber (L) DH
6. Javier Baez (R) 2B
7. Chris Coghlan (L) RF
8. Addison Russell (R) SS
9. David Ross (R) C

For the Indians:

1. Rajai Davis (R) CF
2. Jason Kipnis (L) 2B
3. Francisco Lindor (S) SS
4. Mike Napoli (R) 1B
5. Carlos Santana (S) DH
6. Jose Ramirez (S) 3B
7. Brandon Guyer (R) LF
8. Lonnie Chisenhall (L) RF
9. Roberto Perez (R) C

Tim Wallach to interview for the Rockies managerial opening

GLENDALE, AZ - FEBRUARY 20:  Bench coach Tim Wallach of the Los Angeles Dodgers poses for a portrait during spring training photo day at Camelback Ranch on February 20, 2014 in Glendale, Arizona.  (Photo by Christian Petersen/Getty Images)
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Joe Frisaro of MLB.com reports that the Rockies have been granted permission to interview Marlins bench coach Tim Wallach about their managerial opening.

Wallach was a bench coach for Don Mattingly with both the Dodgers and Marlins. Before that he was a third base coach for L.A. and before that he managed in Triple-A where he was the Pacific Coast League Manager of the Year in 2009 with Albuquerque. He likewise served time as the Dodgers hitting coach. He previously interviewed for managers gigs in Detroit and Seattle but didn’t make the cut.

Walt Weiss was fired as Rockies manager after going 283-365 in four seasons.