Magic Buys the Dodgers (Los Angeles: sales, credit, lawyers)

[bigdumbgod]

L.A. just got a lot happier. Magic Johnson + investors show Dodger-destroyer McCourt the door with $2 billion cash for the franchise. A return to the Yankees of the West Coast (except the Yankees are evil, and Magic is The Man in L.A.).

[nslander]

Originally Posted by bigdumbgod

L.A. just got a lot happier. Magic Johnson + investors show Dodger-destroyer McCourt the door with $2 billion cash for the franchise. A return to the Yankees of the West Coast (except the Yankees are evil, and Magic is The Man in L.A.).

The team that broke baseball's color barrier now has the sport's first African American owner.

42 would be proud.

[VLWH]

I have a good feeling about this. Magic has proven to be a very smart businessman and is well liked in Los Angeles.

[pbergen]

the sale of the dodgers is great news except for one not-so-minor detail - frank mccourt still gets to keep half of the dodger stadium parking lots:

Magic Johnson Gets The Dodgers, Frank McCourt Clings To The Parking Lots - Los Angeles News - The Informer
Frank McCourt's Dodger Parking Lot - Page 1 - News - Los Angeles - LA Weekly
Boycott The Lots: The Dodger Fan's Guide To Avoiding Frank McCourt - Los Angeles News - The Informer

it's incomprehensible to me that a guy who bought the team almost entirely on credit, ran the team into the ground, and damaged the brand name of one of the most iconic franchises in professional sports was not only able to sell the team for $2 billion (with a cool $1 billion profit after paying off his debts to his ex-wife, lawyers, and various creditors), but also gets to keep half of the parking lots and can share in any future development revenue on that land.

it's bad enough that a dirtbag like him is going to profit so handsomely after screwing up the franchise and alienating the entire city. it's even worse that dodger fans and angelenos in general won't be able to get rid of him completely.

[Visit a Library]

Magic Johnson Still Beating HIV 20 Years Later

How many people have been HIV positive and still alive for this long?

[bigdumbgod]

Originally Posted by pbergen

the sale of the dodgers is great news except for one not-so-minor detail - frank mccourt still gets to keep half of the dodger stadium parking lots:

Sports radio up here has been reporting that McCourt tried to get the lots, but eventually gave them up in the deal (for an additional $150 million ). This guy shouldn't get a dime over what he owes in debts.

[pbergen]

Originally Posted by bigdumbgod

Sports radio up here has been reporting that McCourt tried to get the lots, but eventually gave them up in the deal (for an additional $150 million ). This guy shouldn't get a dime over what he owes in debts.

i really hope the sports radio chatter up in the bay area is correct, but i don't think it is. everything i've read over the past couple of days states that mccourt still owns half of the dodger stadium parking lots - after selling the team and the stadium, he "bought back" 50% of the lots for $150 million:

Guggenheim's Mark Walter clarifies the McCourt parking lots deal | 89.3 KPCC
What's the deal with the Dodgers parking lots? | 89.3 KPCC

Though many wanted him gone for good, under the sales terms, McCourt will be co-owner of the surrounding lands. In essence, he purchased the Dodger acreage from himself along with his new partner, a still-unnamed affiliate of Guggenheim.

McCourt is essentially selling the parking lots to himself — through a joint-venture with somebody associated with the purchasing group. The story thus far is that McCourt will have to submit any plans for transforming the lots to Magic & Co., who could veto them. For the purposed of the games, he's giving up control of the lots, so he's not going to tapping them for cash flow or anything. It's the ground the asphalt now sits on that's he's interested in.

[BRinSM]

since mccourt is still a partner in the parking lot i will not pay for parking until he is out completely. when attending games this season or in future seasons i will either park across from the police academy and walk up the hill, take the redline to union station and hop on the shuttle up to the stadium, or if i don't feel like taking the train, i can still park at union station for much less than at dodger stadium and take the shuttle up the hill.

[BayAreaHillbilly]

Now if only the same thing could happen with the A's Destroyer.

[bigdumbgod]

Originally Posted by BayAreaHillbilly

Now if only the same thing could happen with the A's Destroyer.

Bud Selig was apparently leaning on him to purchase the Dodgers.