L.A. Dodgers Bids Reach $1.2 Billion
As the Los Angeles Dodgers baseball franchise enters the second round of bidding, multiple bids have reached between $1.2 billion and $1.5 billion, the Wall Street Journal reports.
The team, currently being sold as part of a bankruptcy process, is likely to sell for a record price, with Major League Baseball execs preparing to enter a third round of bidding. Advancing to the next round are hedge fund manager Steven Cohen, financier Mark Utay, investor Tom Barrack and two groups -- one including media investor Leo Hindery, and another led by Earvin “Magic” Johnson and former baseball exec Stan Kasten.
Frank McCourt, the team’s current owner, is attempting to sell his debt-plagued organization before May 1, at which point he must pay his ex-wife $131 million as part of their divorce settlement.
Oscars host Billy Crystal made a crack about the team during Sunday’s telecast, encouraging audience members in the front row to all pitch in and purchase the Dodgers.
Fans can head over to Dodgers Stadium on Tuesday, March 6 for the first pre-season home matchup vs. the Giants.