Monday, January 23, 2012

Final (Opening) Bids Due Today!

The Dodgers' sale process formally begins today! And the key point from the LAT's Bill Shaikin is, don't cry for Frank McCourt:

How much money does McCourt need to break even?

That could be a billion-dollar question. In a court filing last week, the Dodgers listed $573 million in debt. McCourt has the option to sell or keep the Dodger Stadium parking lots, but the McCourt entity that owns them carries debt of about $70 million. McCourt's divorce settlement obligates him to pay his ex-wife $131 million and pay off an $18-million mortgage. He owes $30 million to Fox, to repay a personal loan.

In addition, his attorneys have estimated the tax liability from the sale of the team at "between $80 million and $200 million." By using the higher number and including the parking lot debt, his total obligations would reach $1.02 billion.

So how might McCourt make out financially?

Just fine, thank you. He and his advisors think the Dodgers could sell for at least $1.5 billion.

Thank god, now I can sleep easy at night.

11 comments:

Dusty Baker said...

RBN can get his hands on about ten grand. I'll kick in another 45 dollars. If we pass the hat around a bit, I think we have a shot.

My long-term vision for development includes the addition of quite a few whisky bars adjacent to the Yard, as well as a subway stop in front of my house with non-stop service to Dodger Stadium.

Jason said...

Dusty, if you'd be willing to place the terminus of that subway line at my front door 963 miles to the north, I will pony up a few grand.

Fernie V said...

I will put in if the parking lots are included on the sale. I they are not, no crying when I move the team downtown.

Fernie V said...

Damn that subway idea is genius, DB, GENIUS!

Giuseppe Horst said...

I'll put in if I can have private access to Mary Hart between innings.

Mr. LA Sports Czar said...

Bill Shaikin confirms bids from:

Mark Cuban
Magic Johnson
Peter O'Malley
Dennis Gilbert
Steve Cohen
Caruso/Torre
Gold/Disney

Fernie V said...

Torre is going to get it. Unless you are a Mexican, You don't quit your job unless you know you have another job lined up.

Hideo Nomo said...

Dad's in with Cohen, right?

Mr. LA Sports Czar said...

Arn Tellem is the baseball brains in Cohen's group. Nobody still knows who the money is behind Garvey/Hershiser.

Mr. LA Sports Czar said...

CBS says that more than 20 bids were submitted.

Dusty Baker said...

It would, of course, be called the Blue Line.

cc: Jason, FV