My heart lept for joy when I saw this story in the Los Angeles Times.
The all-cash bid comes from Bill Burke, founder of the L.A. Marathon, plus ‘state-owned investment institutions of the People’s Republic of China’ and unidentified American investors, a letter sent to Frank McCourt says. Burke and a spokesman for McCourt have no comment
The bid terms proposed by the Burke group call for an all-cash payment to buy the Dodgers, all real estate related to the team and the team’s media rights, according to the letter.
The bid would expire in 21 days, according to the letter, with the goal of closing a deal within 90 days, subject to the approvals of the bankruptcy court and Major League Baseball.
If Frank were to accept this offer it would set a record for the largest sum of money paid to obtain a baseball franchise and would net Frank McCourt over 4 times the money he’s paid, and allow him to pay off all his debts, the Dodgers debts and get the Dodgers out of bankruptcy.
Neither Frank McCourt of Bill Burke has a comment on the proposed sale at this time.
Huzzah!!!
I just had to get that out of my system. It’s about time someone put their money where their mouth is. For months potential buyers have been saying they’d buy the Dodgers if it went up for sale but no one has actually come forward and made a true offer.
There’s another interesting caveat. If Jamie McCourt is partial owner, even if Frank says no, she could force the sale of the team since Frakn McCourt more than likely cannot pay the spousal support that he’s been ordered to pay by the courts.
This all might explain why since the middle of August when McCourt and his lawyers said that they would try and force a sale of the media rights of the Dodgers, there has been no word from him, his lawyers, Jamie or even a judge. I find it funny as well that the team itself has played particularly well since then but no way that’s related right? /endsarcasm
The bid is quite significant since the Dodgers according to Forbes is worth $800 million, which means that he’d get $400 million extra than the team is worth, how could he turn this down?
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