Opening Bids For The Dodgers Due Monday
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LOS ANGELES (CBS) — Opening bids for prospective buyers of the Los Angeles Dodgers are due Monday.
Blackstone, the firm handling the sale for owner Frank McCourt, expects to receive as many as 20 bids from the likes of Magic Johnson, Rick Caruso and former team manager Joe Torre, and Dallas Mavericks owner Mark Cuban. Each bid has a $25,000 fee.
But as KNX 1070’s Jon Baird reports, the team will likely end up in the hands of a less-than-famous owner.
“For the most part, big names don’t win,” said CNBC sports business reporter Darren Rovell. “Money’s gonna matter, not names.”
After the first round of bids, the group will be reduced to 10 prospective buyers.
Experts predict the team, Dodger Stadium and related assets could sell for $1.5 billion.
McCourt has final say on the new owner and has agreed to select the winning bidder by April 1.
In a court ruling last week, the team listed $573 million in debt — a number Rovell said that could potentially still turn into a profit for McCourt.
“Now that there looks to be legit bidders on a premium property, that’s possible, believe it or not,” he said.
McCourt bought the team in 2004 for $430 million.
The Dodgers will open the 2012 season on April 5.