Thursday, September 1, 2011

Frank McCourt Offered $1.2 Billion For The Dodgers; Will He Do It?

The hopes of Dodger fans everywhere were raised with the news that an LA businessman has offered Los Angeles Dodgers owner Frank McCourt $1.2 billion for the franchise.

Bill Burke, the founder of the Los Angeles Marathon, is the man with the plan.  Apparently there are also investors from China involved.  It would be the second MLB franchise to have foreign investors.  Currently, the Seattle Mariners have partial Japanese ownership.

If it goes through, it would be the largest amount ever paid for a Major League Baseball franchise.  In 2009, the Cubs were sold to the Ricketts Family for a then-record $845 million.

The deal would include the Dodgers, all property pertaining to the Dodgers, and the team's media rights.  The offer is supposedly good for 21 days.

As the Dodgers in bankruptcy protection, this deal would give McCourt an immediate very large cash infusion, settle his bankruptcy proceedings, and make MLB (and Dodger fans everywhere) very happy.  The deal makes a lot of sense.

Which is why it probably won't happen.  McCourt lives in a world of denial in regards to his financial state, wanting nothing more than to give the proverbial finger to Bud Selig.  His divorce with his ex-wife, Jamie McCourt, revealed how extravagant his lifestyle has been and how he has spent most of his fortune.

Even if he had to split the proceeds of the deal with his ex-wife, McCourt stands to make a great deal of money from the sale.  He could use that money to rebuild his business and re-establish himself in the business world.

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