LOS ANGELES (CBS) — It’s official: the Frank McCourt era is over.
The new owners of the Los Angeles Dodgers made their final payment on Tuesday on the record-shattering purchase price of $2.15 billion for the troubled franchise.
Guggenheim Baseball Management LLC (GBM), led by Lakers legend Earvin “Magic” Johnson and CEO Stan Kasten, closed the transaction as the team’s third owner since 1998, when the O’Malley family cut ties with the organization.
KNX 1070’s Randy Kerdoon reports fans are celebrating yet another Dodgers win even as the team gets off to its best start in over 20 years.
“It’s not uncommon for a team to take months or close to a year to be sold if you do it on your own pace, but it turned it out actually having the court involved and having the deadline made this thing get done a lot faster,” said Los Angeles Times reporter Bill Shaikin.
Despite a one-day delay in the sale, McCourt met a Monday deadline to pay a $131 million divorce settlement to his ex-wife, Jamie, according to a person familiar with the matter, eliminating the possibility that she could intervene in the sale process, the Los Angeles Times reported.
McCourt could clear close to $1 billion in net profit, according to The Times.
However, according to the divorce settlement, Jamie McCourt need not pay taxes on the $131 million and Frank McCourt cannot deduct the amount from his taxes.
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