Bill Shaikin of the Los Angeles Times reports that the sale of the Dodgers to Guggenheim Baseball Partners was approved this evening in a U.S. Bankruptcy Court in Delaware.
Frank McCourt agreed late last month to sell the Dodgers to a group led by Magic Johnson for a record price of $2.15 billion. The team has operated under court oversight since McCourt filed for bankruptcy last June, but judge Kevin Gross gave his blessing to the reorganization plan.
One of the biggest hurdles was resolved this morning when FOX Sports agreed to withdraw their objection to the sale. FOX, who currently has the team’s television rights, wanted proof that Time Warner Cable was not involved in the new ownership group. The Dodgers’ television contract expires after 2013 and both FOX and Time Warner Cable, among others, are expected to bid. However, FOX received assurances that no deal was in place.
MLB attorney Thomas Lauria also objected by saying that they wanted more information and time to review the deal because a number of the sale’s conditions appeared to be “inconsistent” with MLB rules. However, Gross ultimately sided with the Dodgers’ plan to exit bankruptcy.
Dodgers’ attorney Bruce Bennett told Shaikin following the hearing that he doesn’t think there’s “any realistic possibility” the sale won’t close by the target date of April 30.