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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.

Padres announce Pat Murphy won’t return as manager in 2016

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Per Tom Haudricourt of the Milwaukee Journal-Sentinel, the Padres have announced that interim manager Pat Murphy won’t return as the team’s manager in 2016. Haudricourt adds that Brewres manager Craig Counsell tried to get Murphy on his staff, and says to look for Murphy to join the Brewers for the 2016 season.

Murphy led the Padres to a 42-53 record after Bud Black was fired in June. He had previously managed for two years with Single-A Eugene in 2011-12, and at Triple-A Tucson and El Paso in 2013-14.

Former major leaguer Phil Nevin is a candidate for the Padres’ vacant managing position, according to Scott Miller of Bleacher Report.

Royals clinch home field advantage, best record in the American League

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With a 6-1 win over the Twins in Sunday’s season finale, the Royals clinched the best record in the American League, which nets them home field advantage in the ALDS and ALCS. The Royals stand at 95-67 while the Blue Jays, who lost on Sunday, finish at 93-69.

95-67 is the Royals’ best record since finishing 97-65 in 1980, when they lost the World Series to the Phillies. Their division title is their first since 1985.

In the ALDS, which starts on Thursday, the Royals will host the winner of the AL Wild Card game between the Astros and Yankees. They are looking to avenge last year’s World Series loss, in seven games, to the Giants. The Blue Jays will host the Rangers in the other ALDS series.