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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.

Let’s play the “how long has it been since the Cubs won the World Series?” game!

1908 Cubs
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It started with a no-good St. Louis Cardinals fan being a troublemaker. That no-good Cardinals fan was Drew Silva, who began things innocently enough, noting that, despite their dominance this season, any team can theoretically beat the Chicago Cubs in a short series because that’s just how baseball goes:

Cubs fans started giving him guff for that, so Drew gave some back:

And with that it was on like Donkey Kong (a super old video game which was not invented for another 73 years after the Cubs last won the World Series). I tweeted this:

And with that, my followers went crazy. Here’s a sampling of some of the best ones:

And, for that matter . . .

Too soon. Unlike the last Cubs World Series title.

Like I said, this was just a sampling. I’ve retweeted a ton more on my timeline and those I didn’t retweet can be seen in the replies here. My favorite one may have been “literally the invention of sliced bread,” which debuted in 1912, but I can’t find that tweet.

Please, Cubs fans, have a sense of humor about this. You have a wonderful ballpark that is not named after a third tier mortgage company, a grand history that is fantastic even if it hasn’t featured any championships and a future that is as bright or brighter than any other team out there. Maybe even come up with some of your own in the comments! History is fun! As is self-deprecation! What I’m saying is don’t be salty about this sort of thing. Salty is a bad look.

In other news, the Morton Salt Company was incorporated in 1910, two years after the Cubs last World Series victory.

The Dodgers have rebuffed lowball offers for Yasiel Puig

puig
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Jon Heyman reports that the Dodgers have “rebuffed offers” for Yasiel Puig.

Heyman says teams “appear to be bottom feeding for Puig,” making lowball trade proposals. The Dodgers may not have big future plans for Puig, but nor are they gonna sell low on him. And heck, maybe they have bigger plans for him now than they did a couple of weeks ago. He’s batting .396/.448/.698 with four home runs and 12 RBI in 14 games since his demotion to Triple-A Oklahoma. The guy who replaced him, Josh Reddick, is hitting .143/.211/.157 in 20 games since the Dodgers acquired him.

I doubt Puig steps foot in the Dodgers clubhouse before the end of the year, but it’s not like they can’t hold off and trade him in the offseason when teams can imagine him looking good in their uniform next spring.