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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.

Padres sign Trevor Cahill

Chicago Cubs relief pitcher Trevor Cahill (53) during the seventh inning of Game 3 in baseball's National League Division Series against the St. Louis Cardinals, Monday, Oct. 12, 2015, in Chicago. (AP Photo/Paul Beaty)
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The Padres have signed Trevor Cahill to a one-year, $1.75 million contract.

As recently as the middle of the 2015 season it looked like Cahill’s career would meet a premature end, but after being released by the Braves and signing with the Cubs in August of that season he has been a remarkably effective reliever. He has posted a 2.61 ERA in 61 games in Chicago and has posted a strikeout rate far above his career norms.

He’s not someone you necessarily want taking the hill when the leverage is high, but in San Diego the leverage won’t be all that high all that often.

Justin Verlander: “I’m too old to be part of a rebuilding process”

DETROIT, MI - JULY 20: Justin Verlander #35 of the Detroit Tigers pitches in the eighth inning of the game against the Minnesota Twins on July 20, 2016 at Comerica Park in Detroit, Michigan. (Photo by Leon Halip/Getty Images)
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The Tigers have sent some mixed signals this winter. The offseason began with widespread reports that GM Al Avila was going to break up the team. Indeed, it was reported that he was willing to field offers for any and all players, on up to Justin Verlander and Miguel Cabrera.

As the offseason has unfolded, however, a rebuild has not materialized.

Avila traded away outfielder Cameron Maybin. He signed old friends Omar Infante and Alex Avila. He made the usual sorts of minor league signings every team makes to fill out the roster. Detroit still needs a center fielder and there continue to be rumors that outfielder J.D. Martinez and second baseman Ian Kinsler could be had for the right price, but it’s been pretty quiet at 2100 Woodward Avenue.

If that changes, however, and the Tigers do start to rebuild, there’s one key member of the team who doesn’t really want a part of it. From the Detroit Free Press:

Justin Verlander is 33 years and 330 days old.

He’s not that old.

But the Detroit Tigers ace right-hander – a 12-year major league veteran – is old enough in baseball years to know that he doesn’t really want to be part of a rebuilding process.

“Would it have been upsetting for me if we started trading away everybody?” he told MLB Network Radio on Friday morning. “I’m too old to be part of a rebuilding process.”

Verlander will make $28 million a year for each of the next three seasons and has a vesting option for 2020 if he finishes in the top 5 of the 2019 Cy Young vote. He had an excellent return-to-form in 2016, but his contract is still pretty big for a pitcher with his mileage, making it seem unlikely that he would be moved absent the team eating a huge portion of his salary. The same could be said for Miguel Cabrera who, despite still being one of the best hitters in baseball, is making between $28-32 million between now and 2023. A wonderful player, but an extraordinarily difficult contract to move. Both superstars have full no-trade protection as 10-5 men as well.

At the moment the rebuild does not seem to be materializing and the Tigers — as I think they should, probably — will enter 2017 aiming for the AL Central crown, not aiming at restocking their farm system.

But what will Verlander think, however, if the Tigers find themselves out of contention come May? What will he think if Ian Kinsler — a valuable player on a tradable contract — is sold off? Or Justin Upton? Or J.D. Martinez?

It’s worth watching.