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OT: MLB takes over (running) LA Dodgers owners divorcing; Court sup'd sale agreed to
Fox wants the bankruptcy case dismissed, saying it was filed in bad faith. Fox also says a planned auction of media rights to future games would violate its rights under an existing contract with the Dodgers and is designed primarily to benefit McCourt.
Attendance was historically down this year at dodger stadium. Fans are finally reacting to McCourts mismanagement of the team. Hence, MLB stepping in to redeem the value of one of it's prize franchises. Everyone's intention in this is quite clear. They're just trying to play by the rules to get their way.
Relocation possible to Montreal? I don't want the scenario to look like NFL's Browns and NBA's Sonics to flush down the drain... If it happens, the Major league titles and stats will stay in LA until the thing is resolved...
Baseball won't allow it...... the only connection is the Robinson-era Montreal Royals..... Ebbets Field ring bells as well as the Polo Grounds (remember, then, there were no Mets, that's why the Da Bums went to CA in 1958 from Brooklyn.....
The Los Angeles Dodgers and Fox settled their lawsuit late Tuesday night, removing an impediment to the sale of the bankrupt team.
In a motion filed in U.S. Bankruptcy Court in Delaware, the Dodgers said they were abandoning their attempt to sell future media rights and will adhere to their contract with Fox's Prime Ticket subsidiary, which kept intact its exclusive negotiating window from Oct. 15 through Nov. 30 this year.
"This agreement is a significant step towards a successful sale of the Los Angeles Dodgers," the team said in a statement. "It resolves all of the parties' differences relating to the telecast rights agreement with Fox. This consensual resolution of all disputes between the Debtors and Fox will enable the sale of the Dodgers to proceed forward, free of any uncertainty relating to the various issues under dispute, with the continued objective of maximizing value for the Debtors and their estates."
As the bankers handling the sale evaluate the bids, prospective buyers can evaluate whether to join forces. In addition, because the bankers can waive the deadline at their discretion, new bidders could emerge.
St. Louis Rams owner Stan Kroenke has explored whether to bid for the Dodgers, two people familiar with the sale process said Monday. It is uncertain whether Kroenke has submitted an offer. Rams spokesman Ted Crews did not return messages Monday night.
Outgoing owner Frank McCourt expects the Dodgers to sell for at least $1.5 billion.
Dallas Mavericks owner Mark Cuban submitted a bid by Monday's deadline, as did East Coast hedge fund giant Steven Cohen and former Dodgers owner Peter O'Malley.
Several groups also turned in bids, including those involving Magic Johnson and longtime baseball executive Stan Kasten; Los Angeles developer Rick Caruso and former Dodgers manager Joe Torre; Los Angeles investor Stanley Gold and the family of the late Roy Disney; and former agent Dennis Gilbert and Los Angeles investors Jason Reese and Randy Wooster.
The Wall Street Journal reported that New York investors Leo Hindery and Marc Utay submitted a joint bid. Hindery and Utay tried unsuccessfully for the Chicago Cubs.
The opening bids are not binding. As a result, according to sports business consultant Marc Ganis, a prospective owner might offer more money now than he might realistically be willing to spend.
Remaining bidders for the Los Angeles Dodgers have been told they will be scheduled for meetings with Major League Baseball's ownership committee early next month.
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[Atlanta Braves chairman emeritus Bill Bartholomay, the ownership committee chairman] said the committee will investigate "very deep" into not just the lead individuals of the groups, but also the proposed limited partners and corporations that plan to invest.
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MLB agreed to process up to 10 bidders. Normally, Bartholomay's committee processes only the finalist to purchase a franchise.
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Bartholomay said he is joined on the ownership committee by Baltimore Orioles chairman Peter Angelos, St. Louis Cardinals chairman Bill DeWitt, Seattle Mariners chairman emeritus John Ellis, Detroit Tigers owner Mike Ilitch, New York Yankees managing general partner Hal Steinbrenner and New York Mets chairman Fred Wilpon.
While the date for the next round of bids has not been set, it appears the process is on a track to have a mid-March submission date for the offers.
After putting the team in bankruptcy last year, McCourt signed an agreement with MLB saying he would select the new owner by April and close a sale by April 30, matching the date he is due to give former wife Jamie a US$131 million divorce settlement.
