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Author Topic:   Los Angeles Dodgers - 2012 Season
DavidChang
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From:Toluca Lake, California
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posted March 27, 2012 05:44 PM     Click Here to See the Profile for DavidChang   Click Here to Email DavidChang     Edit/Delete Message   Reply w/Quote
Dodgers sale: MLB approves all three final bidders

By Bill Shaikin

Major league owners approved the three remaining Dodgers bidders Tuesday, enabling Frank McCourt to start an auction for the team on Wednesday.

By the time the auction is over -- late Wednesday, perhaps, or later this week -- the Dodgers are expected to be sold for a record price for a North American sports franchise.

The three finalists:

--The partnership of Connecticut hedge-fund billionaire Steven Cohen and Los Angeles biotech billionaire Patrick Soon-Shiong, with a combined net worth estimated at $15.5 billion by Forbes.

--Stan Kroenke, owner of the St. Louis Rams and five other sports teams, with a net worth estimated at $3.2 billion by Forbes.

--A group fronted by Magic Johnson and veteran baseball executive Stan Kasten and funded largely by Guggenheim Partners, a Chicago-based financial services firm that says it controls $125 billion in assets.

McCourt took the Dodgers into bankruptcy last year, in a bid to retain ownership of the team. He ultimately agreed to sell the Dodgers, but through a court-supervised process that enabled him to hold an auction and select the winner.

MLB owners reviewed the applications from eight bidders, with five eliminated by MLB or by the court-appointed mediator. The owners convened via conference call Tuesday.

McCourt and his advisors will stage an auction in New York, starting Wednesday.

Under McCourt's agreement with MLB, the league must accept the winner of the auction as the Dodgers' new owner. But if the auction drives the sale price so high that the winning bidder must add significant debt to finance the purchase, MLB retains the right to review the financial structure.

Once McCourt picks a winner, he must get U.S. Bankruptcy Court approval for the sale agreement on April 13, then close the transaction by April 30, the day he must pay his ex-wife $131 million in a divorce settlement.

The Dodgers are expected to sell for about $1.5 billion. The Miami Dolphins were sold for $1.1 billion in 2009, the current record for a North American sports franchise.

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DavidChang
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posted March 27, 2012 09:43 PM     Click Here to See the Profile for DavidChang   Click Here to Email DavidChang     Edit/Delete Message   Reply w/Quote
The bidding group is the last one standing after many Dodgers suitors came and went during the monthslong process, and the $2 billion deal is the richest ever for a U.S. sports franchise. The new owners — who emerged after three groups participated in a U.S. Bankruptcy Court auction today — are grouped under the banner Guggenheim Baseball Management. That mix includes Magic Johnson, Hollywood producer Peter Guber, baseball executive Stan Kasten and Bobby Patton as well as Todd Boehly and Mark Walter of Guggenheim Partners — that company co-owns Prometheus Global Media, which owns Billboard and The Hollywood Reporter. Walter will be controlling partner of the Dodgers when the deal closes at the end of April. The agreement with soon-to-be-ex-owner Frank McCourt is for the team and Dodger Stadium, and a separate joint venture with some members of the group — including McCourt — will buy the parking lots and property for an extra $150 million. That $2.15B total could be eclipsed by the local TV rights deal that’s sure to come after the sale is approved — the team could create its own regional sports network (a la the New York Yankees’ lucrative YES Network), shop the rights, or re-sign with current partner Fox Sports, which already had offered a long-term deal worth close to $3 billion.

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HollywoodProducer
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posted March 28, 2012 08:57 AM     Click Here to See the Profile for HollywoodProducer   Click Here to Email HollywoodProducer     Edit/Delete Message   Reply w/Quote
Magic Johnson-led group is picked as Dodgers' next owner

The group, headed by the Lakers legend known for community involvement, agrees to pay $2 billion for the team. Frank McCourt keeps a small land take.

By Bill Shaikin and David Wharton

10:45 PM PDT, March 27, 2012

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A group led by Lakers legend Magic Johnson emerged Tuesday night as the new owners of the Dodgers, ending months of uncertainty for the storied but troubled baseball franchise.

Johnson, who guided the Lakers to five NBA championships during the "Showtime" era of the 1980s, is a partner in the group along with longtime baseball executive Stan Kasten and movie executive Peter Guber. The controlling owner would be Mark Walter, chief executive officer of Guggenheim Partners, a Chicago-based financial services company.

Walter and McCourt met privately in New York on Tuesday, coming to an agreement only hours after Major League Baseball owners approved three final bidders.

The winning group paid $2 billion for the team -- a record for a sports franchise -- according to an announcement issued jointly with previous owner Frank McCourt.

"I am thrilled to be part of the historic Dodger franchise," Johnson said in the statement, adding the new owners "intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section."

After taking the team into bankruptcy last year, McCourt had sought to retain control of the parking lots surrounding the ballpark. It was announced he and "certain affiliates" of the new ownership will be "forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million."

Johnson's group will control the parking lots for Dodgers games and work with McCourt on any future development.

In the statement, McCourt said the sale "reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community."

The announcement Tuesday ended three years of turmoil during which the team's performance on the field deteriorated and the front office struggled financially.

McCourt chose Johnson's group over St. Louis Rams owner Stan Kroenke and a partnership of hedge-fund billionaire Steven Cohen and biotech billionaire Patrick Soon-Shiong.

The Dodgers last won the World Series in 1988, their sixth championship in half a century of O'Malley family ownership. The Johnson group would become the Dodgers' third owner since the O'Malleys sold the team in 1998, following News Corp. and McCourt.

The sale must be confirmed by the court in a hearing April 13. The transaction is set to close by April 30, the same day McCourt must pay his ex-wife $131 million in a divorce settlement.

If the deal closes as expected, the Dodgers would be owned by an entity called Guggenheim Baseball Partners. Kasten, former president of the Atlanta Braves and Washington Nationals, would run the team.

"Stan Kasten is my man," Johnson told The Times in announcing his bid last December. "He's a winner. He's built two incredible organizations, and he's well-respected. That is what was important to me. I had to get with a winner, a guy who understands baseball inside and out."

The sales price was nearly three times the previous record price for a baseball franchise, $845 million for the Chicago Cubs in 2009.

The bulk of the funding to buy the Dodgers came from Guggenheim. Walter is not expected to play a significant role in the day-to-day operation of the Dodgers.

Guggenheim President Todd Boehly and Bobby Patton were also listed as partners.

Johnson, who has built a reputation for community involvement since his playing days ended, would own a small stake in the Dodgers, as would Guber, who is co-owner of the NBA's Golden State Warriors. Johnson and Guber are partners in the Dayton Dragons, a minor league baseball team that has sold out 844 consecutive games, an ongoing record in U.S. professional sports.

Johnson brought five championships to Los Angeles, marrying sports and entertainment as leader of the "Showtime" Lakers in the 1980s. The three-time NBA most valuable player was inducted into the Hall of Fame in 2002, by which time he had launched a business empire that has included movie theaters, banks, restaurants and film production.

Johnson, 52, also has invested in -- and sparked public awareness of -- the fight against HIV, the illness that prompted him to retire from the NBA in 1991.

The announcement of the sale, and next week's dawn of the new season, could herald brighter days ahead for the Dodgers, a civic treasure battered and bruised for the last three years.

McCourt bought the Dodgers in 2004 for $430 million, with what one of his divorce attorneys said was "not a penny" of his own cash. He nearly doubled team revenue -- from $156 million in 2003 to $286 million in 2009, according to court documents -- and the Dodgers reached the playoffs four times in his first six seasons of ownership.

On the eve of the 2009 National League championship series -- with the Dodgers about to make their first back-to-back NLCS appearances in 31 years -- the McCourts announced they had separated.

The Dodgers lost that series in five games and have not finished above third place in the NL West since.

As the McCourts separated, the attorney for Frank McCourt said his client would remain in control of the Dodgers.

"Speculation about a potential sale of the team is rubbish," attorney Marshall Grossman said then. "Frank McCourt is the sole owner. He has absolutely no intention of selling this team now or ever."

Grossman said McCourt had a marital property agreement that specified the Dodgers were his separate property rather than community property.

However, attorneys later discovered three copies of the agreement that said the Dodgers belonged solely to McCourt and three that said they did not. After an 11-day trial in 2010, Los Angeles Superior Court Judge Scott Gordon threw out the deal.

The Dodgers last year endured what might have been the most tumultuous season in club history, which started with San Francisco Giants fan Bryan Stow being beaten nearly to death in the Dodger Stadium parking lot and ended as Major League Baseball accused McCourt of "looting" $189 million in team revenue for personal use.

In the interim, the Dodgers played before a half-empty stadium, with McCourt saying the league had spooked fans by raising unwarranted concerns about stadium security and the league saying fans had refused to support McCourt's ownership.

McCourt took the team into bankruptcy in June, essentially asking the court to overrule Commissioner Bud Selig and let the Dodgers enter into a multibillion-dollar television contract. Selig had rejected a proposed $3-billion deal with Fox Sports in part because McCourt would have diverted some of the proceeds toward a divorce settlement.

In a Bankruptcy Court filing, attorneys for McCourt alleged Selig responded to the "enormous negative publicity" of the divorce trial by hatching a plan to choke off the Dodgers' money supply and force a sale of the team.

The league alleged McCourt's financial mismanagement in asking the Bankruptcy Court to order a sale, even threatening to kick the Dodgers out of the league if McCourt retained control.

McCourt reached separate settlements with his ex-wife and MLB within three weeks of one another last fall. Once McCourt agreed to sell the Dodgers, MLB agreed to let him auction the team and granted him final say in selecting the new owner.

The bidding was spirited, with the new owner in position to negotiate a television contract that might be worth three times as much as the price to buy the team.

Former owner Peter O'Malley tried to buy back the team, and other unsuccessful bidders included such notable figures as Dallas Mavericks owner Mark Cuban; former Dodgers manager Joe Torre and Los Angeles developer Rick Caruso; Memphis Grizzlies owner Michael Heisley; and Jared Kushner, son-in-law of Donald Trump and owner and publisher of the New York Observer.

All had higher public profiles than McCourt and his ex-wife, who introduced themselves to Los Angeles in 2004 as a baseball-loving couple from Boston who would transplant themselves and their four sons to realize their dream of owning a major-league team.

"Family ownership has returned to the Dodgers," Frank McCourt said that day.

Five years later, Frank fired his ex-wife as the Dodgers' chief executive in a termination letter that cited "insubordination, non-responsiveness, failure to follow procedures and inappropriate behavior with a direct subordinate," a reference to an affair he alleged she had with her driver.

When Jamie McCourt initiated the divorce proceedings -- one week shy of what would have been the couple's 30th anniversary -- she revealed the details of a lavish lifestyle financed by the couple's only source of revenue: the Dodgers.

"Frank and I enjoyed the many perquisites and benefits that come with owning a Major League Baseball team," she wrote in a court declaration.

In court documents, Jamie McCourt wrote of combined salaries of $7 million a year, plus $46 million to buy side-by-side oceanfront estates in Malibu, $27 million to buy side-by-side homes near the Playboy Mansion, additional properties in Massachusetts, Montana, Colorado, Wyoming and Mexico, $400 dinners and $1,000-a-night hotels, private jet travel around the world, and even house calls from hairdressers and makeup artists.

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DavidChang
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posted March 28, 2012 12:13 PM     Click Here to See the Profile for DavidChang   Click Here to Email DavidChang     Edit/Delete Message   Reply w/Quote
Congratulations, Angelenos, you may have just bought a piece of the Los Angeles Dodgers!

While former Lakers great Magic Johnson may be leading the group shelling out a record $2 billion to buy the storied baseball franchise, in the end consumers may pick up much of the tab because their cable bills likely will be going up, up, up!

The $2 billion price tag tops by more than $1.1 billion what the Chicago Cubs were sold for three years ago and $1.5 billion more than what Frank McCourt paid for the Dodgers in 2004. When the Dodgers, which filed for bankruptcy last year, were first put up for sale, most baseball watchers thought McCourt would be hard pressed to get $1 billion, much less twice that.

Even Mark Cuban, the outspoken owner of the Dallas Mavericks basketball team who's not shy about opening his wallet, thought that the Dodgers weren't worth $1 billion.

But Johnson's group, whose big backer is Mark Walter, chief executive officer of financial services firm Guggenheim Partners, which will be the Dodgers controlling owner, was willing to pay so much because it figures it can make that money back in television revenue.

It's not a crazy bet. Sports rights fees have skyrocketed lately. Last year, the Los Angeles Angels and Fox Sports struck a 17-year deal worth about $2.5 billion and Time Warner Cable spent even more to land the Lakers in a 20-year deal valued at $3 billion.

Currently, Fox's regional cable network Prime Ticket carries the bulk of Dodger games at a price tag of roughly $38 million per season. Fox tried to cut a new deal with the Dodgers similar to the one it has with the Angels but Major League Baseball rejected it, concerned that McCourt would use some of the money for his divorce settlement.

Fox's contract with the Dodgers runs through the 2013 season and the network has exclusive rights to renegotiate a new agreement through November of this year. After that, Time Warner Cable, which is launching a regional sports channel here later this year, can jump in the frey and try to grab TV rights to the Dodgers.

But while Time Warner Cable and Fox Sports will likely be willing to pay more than double and perhaps even triple what the Dodgers are currently getting, that still may not be enough given the price tag. Another scenario is that the Dodgers will look to create their own cable sports channel, as the Yankees have with YES. That way the team can keep not only subscriber fees from cable and satellite companies, but also advertising revenue.

Sports channels are some of the most expensive on the cable dial. ESPN goes for north of $5 per month per subscriber. Local channels also come at a steep price. According to SNL Kagan, an industry consulting firm, Fox Sports West costs more than $2.60 per month per subscriber, and Prime Sports runs more than $2.50. Time Warner Cable is said to be seeking more than $3.50 for its new channel, although the company would only say that its plans are not yet finalized.

Those costs, of course, eventually get passed on to subscribers. Currently, cable and satellite TV subscribers pay for Fox's two regional sports channels. Time Warner Cable is adding both an English and Spanish sports network to the mix. Later this year, the Pac-12 conference will launch its own channel (at a cost of about 80 cents per subscriber). If the Dodgers launch their own network, consumers could find themselves paying for six regional sports outlets.

Typically, these channels are offered on all packages, meaning folks who don't watch a lot of sports end up paying too. Networks and local teams have resisted efforts to put such channels on specialty tiers, although both may be pushing their luck if Angelenos end up with six different local sports channels.

The Dodgers also have a broadcast deal wth CBS' KCAL-TV, which carries 50 games. Those will likely go away because the team can get more money from cable than broadcast. KCAL is also going to lose the Lakers when Time Warner Cable's deal kicks in next season.

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DavidChang
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posted March 28, 2012 01:17 PM     Click Here to See the Profile for DavidChang   Click Here to Email DavidChang     Edit/Delete Message   Reply w/Quote
Sources tell Bloomberg that News Corp is working to obtain rights from pay TV outlets and sports leagues to launch a national cable network that could begin service by year’s end. No final decision has been made, but the plan would involve converting the company’s action sports network Fuel (36 million subs) into a new national offering, which would compete against fellow cablers Disney/ABC’s ESPN, Comcast’s new NBC Sports Network and the CBS Sports Network. Like those entities, News Corp is attracted to the juicy affiliate fees a national sports network can command; SNL Kagan estimates ESPN will collect $5.06 per subscriber each month in 2012, more than any other cable channel. Other ESPN channels — including ESPN Classic, ESPN2 and ESPNews — collectively generate an additional $4.13 per sub per month. By contrast, Fuel collects about 15 cents per sub each month. Additional money would come in handy to offset the growing costs of sports rights these days, and it might not be a coincidence that this news comes a day after the Dodgers chose new owners who will be very interested in selling TV rights to the team’s games in the nation’s second-largest TV market – it’s a price tag that could go as high as $3 billion (or even $4 billion if you believe the LA Times). Fox Sports is the current owner of Dodgers rights but will need the extra cash in a likely bidding war.

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HollywoodProducer
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posted March 29, 2012 09:05 AM     Click Here to See the Profile for HollywoodProducer   Click Here to Email HollywoodProducer     Edit/Delete Message   Reply w/Quote
Dodger sale could mean bigger cable bills (lat)
While former Lakers great Magic Johnson may be leading the group shelling out a record $2 billion to buy the storied baseball franchise, in the end consumers may pick up much of the tab because their cable bills likely will be going up, up, up! The $2 billion price tag tops by more than $1.1 billion what the Chicago Cubs were sold for three years ago and $1.5 billion more than what Frank McCourt paid for the Dodgers in 2004. When the Dodgers, which filed for bankruptcy last year, were first put up for sale, most baseball watchers thought McCourt would be hard pressed to get $1 billion, much less twice that. Even Mark Cuban, the outspoken owner of the Dallas Mavericks basketball team who's not shy about opening his wallet, thought that the Dodgers weren't worth $1 billion. But Johnson's group, whose big backer is Mark Walter, chief executive officer of financial services firm Guggenheim Partners, which will be the Dodgers controlling owner, was willing to pay so much because it figures it can make that money back in television revenue. It's not a crazy bet. Sports rights fees have skyrocketed lately. Last year, the Los Angeles Angels and Fox Sports struck a 17-year deal worth about $2.5 billion and Time Warner Cable spent even more to land the Lakers in a 20-year deal valued at $3 billion. Currently, Fox's regional cable network Prime Ticket carries the bulk of Dodger games at a price tag of roughly $38 million per season. Fox tried to cut a new deal with the Dodgers similar to the one it has with the Angels but Major League Baseball rejected it, concerned that McCourt would use some of the money for his divorce settlement. Fox's contract with the Dodgers runs through the 2013 season and the network has exclusive rights to renegotiate a new agreement through November of this year. After that, Time Warner Cable, which is launching a regional sports channel here later this year, can jump in the frey and try to grab TV rights to the Dodgers. But while Time Warner Cable and Fox Sports will likely be willing to pay more than double and perhaps even triple what the Dodgers are currently getting, that still may not be enough given the price tag. Another scenario is that the Dodgers will look to create their own cable sports channel, as the Yankees have with YES. That way the team can keep not only subscriber fees from cable and satellite companies, but also advertising revenue. Sports channels are some of the most expensive on the cable dial. ESPN goes for north of $5 per month per subscriber. Local channels also come at a steep price. According to SNL Kagan, an industry consulting firm, Fox Sports West costs more than $2.60 per month per subscriber, and Prime Sports runs more than $2.50. Time Warner Cable is said to be seeking more than $3.50 for its new channel, although the company would only say that its plans are not yet finalized. Those costs, of course, eventually get passed on to subscribers. Currently, cable and satellite TV subscribers pay for Fox's two regional sports channels. Time Warner Cable is adding both an English and Spanish sports network to the mix. Later this year, the Pac-12 conference will launch its own channel (at a cost of about 80 cents per subscriber). If the Dodgers launch their own network, consumers could find themselves paying for six regional sports outlets. Typically, these channels are offered on all packages, meaning folks who don't watch a lot of sports end up paying too. Networks and local teams have resisted efforts to put such channels on specialty tiers, although both may be pushing their luck if Angelenos end up with six different local sports channels. The Dodgers also have a broadcast deal wth CBS' KCAL-TV, which carries 50 games. Those will likely go away because the team can get more money from cable than broadcast. KCAL is also going to lose the Lakers when Time Warner Cable's deal kicks in next season.

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DavidChang
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posted March 29, 2012 09:30 AM     Click Here to See the Profile for DavidChang   Click Here to Email DavidChang     Edit/Delete Message   Reply w/Quote
Peter Guber is bringing some Hollywood flash, and drama, to the Dodgers.

A longtime player in film and television, Guber, who is part of the Magic Johnson-led group that is buying the team for a record $2 billion, is a largely unknown commodity in sports circles. But he is a much more visible, and complicated, figure in the entertainment world.

Guber and Magic Johnson have joined forces before, including on the Dayton, Ohio, single-A minor-league affiliate of the Cincinnati Reds, which they continue to own. Guber also once owned the Dodgers’ triple-A affiliate when it was located in Las Vegas.

In Hollywood, Guber, 70, has had a hand in some of the best-known movies of the last four decades -- including “Batman,” “Rain Man” and “Midnight Express” -- but also has a checkered record, stemming primarily from his troubled tenure as head of Sony Pictures.

Beginning his career as a film and record producer, Guber came to run Sony in 1989. On his watch, the studio launched such TV shows as “Mad About You” and films including “Terminator 2” and “City Slickers.” But Guber also drew criticism from established Hollywood figures including director Michael Apted and producer Rob Cohen, who said Guber deceived him in negotiations.

Guber, who left Sony in 1994, later became the subject of a book, “Hit and Run: How Jon Peters and Peter Guber Took Sony for a Ride in Hollywood,” which painted a largely unflattering portrait of Guber and his former partner.

Guber has also drawn supporters in the industry. Bradley Fuller, a producer who is working with Guber’s current company, Mandalay Entertainment, on a new version of Alfred Hitchcock’s “The Birds,” said in an interview on Thursday that he admired Guber's people and deal-making skills.

“He’s a very compelling personality,” Fuller said. “When you come out of a meeting with him you find yourself saying, ‘Let’s do things the way Peter wants to do them.’” Guber could not be reached for comment.

In recent years, Guber has been expanding into sports via his subsidiary, Mandalay Sports Entertainment. He is a co-owner of the Golden State Warriors and also is an owner of a host of minor-league baseball teams -- including the New York Yankees’ triple-A affiliate in Scranton/Wilkes-Barre. Guber will not have to divest his minor-league teams as a result of a Dodgers deal.

Although Guber’s involvement brings an element of Hollywood know-how, fans could be forgiven for being wary of an owner who has an entertainment pedigree. It was less than a decade ago that the team was owned by 20th Century Fox parent News Corp. and run by former Warner Bros. honcho Bob Daly -- who later admitted that selling the team to Frank McCourt was a mistake.

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fred
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posted March 29, 2012 03:49 PM     Click Here to See the Profile for fred   Click Here to Email fred     Edit/Delete Message   Reply w/Quote
Dodger Buyers Magic Johnson, Peter Guber, Guggenheim to Meet Monday (Exclusive)

Magic Johnson, Peter Guber and the other new Dodgers owners will convene on Monday to discuss the team’s future business strategy, TheWrap has learned.

The strategy session comes ahead of a news conference with the new owners and outgoing owner Frank McCourt later next week, according to two knowledgeable individuals.

A spokeswoman for Guggenheim Partners, the lead investor in the Dodgers deal, declined to comment.

As TheWrap has previously reported [1], the business strategy mainly involves the team’s television rights in the wake of buying the team for a record $2.15 billion last week.

The acquiring group, called Guggenheim Baseball Management, includes basketball legend Johnson; Guber, Mandalay Entertainment CEO and co-owner of The Golden State Warriors basketball team; Guggenheim Partners' CEO Mark Walter and president Todd Boehly; and Bobby Patton, who operates oil and gas properties among his investments.

The television rights could go anywhere from Fox, the current rights holder, to the creation of a new regional sports channel devoted to the baseball team.

In addition, they also must sort out other parts of the operation -- whether to renovate the stadium, how to handle parking, land rights and marketing.

Stan Kasten, former president of the Atlanta Braves, is expected to take over day-to-day operation of the club.

Still, TV rights are far and away the most important. The owners could re-up with Fox, but most experts seem to think the Dodgers would want far more control over the team’s media future.

Given the potential of a legendary baseball franchise in the nation’s second biggest media market, the owners will either want to start their own regional sports network or make a deal with one that gives them a great deal of equity in it.

“At some point they will want to have ownership over their own sports network,” Daniel Durbin, director of USC’s Annenberg Institute for Sports, Media and Society, told TheWrap. “Long-term financial stability in sports today depends on owning your own content and producing content for your own network as well as for other networks.”

Durbin listed the New York Yankees and San Francisco Giants as examples of teams that turned TV networks into profit machines.

Though most experts view the price paid for the Dodgers as exorbitant, few doubt these new owners ability to make money. Guggenheim is an investment bank with $125 billion in assets and Johnson, whose financial investment is relatively minimal, has been a financial dynamo since his basketball career ended.

Meanwhile, Guber is a legendary Hollywood producer of such classics as "Rain Man" and "Batman." His career of late has focused heavily on sports, with his interest in the Warriors, and a project to build a sports arena.

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LAKing
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posted April 13, 2012 05:47 PM     Click Here to See the Profile for LAKing   Click Here to Email LAKing     Edit/Delete Message   Reply w/Quote
Baseball ‘Has Issues’ With Dodgers Sale, MLB Lawyer Says (Bloomberg)
Major League Baseball “has issues” with the sale of the Los Angeles Dodgers that include objections to who will own stadium parking lots, a lawyer for the league said at a hearing. Attorney Thomas E Lauria raised a series of objections today, just hours before a legal deadline that the Dodgers say they can’t violate. The sale documents allowing Dodgers owner Frank McCourt to sell the team for $2.15 billion appear to violate MLB rules, Lauria said. Without changes, “we may have problems with this deal closing,” Lauria said. The Dodgers are in court seeking approval for the sale from U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware. Without approval today, the team may not be able to close the transaction by April 30, when McCourt is required to pay his ex- wife Jamie McCourt about $130 million, Dodgers attorney Bruce Bennett said in court. Under the sale agreement, Frank McCourt would be a co-owner of the parking lots. Those lots would be leased to the Dodgers for about 99 years, Bennett said in court. The case is In re Los Angeles Dodgers LLC, 11-12010, U.S. Bankruptcy Court, District of Delaware (Wilmington).

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DavidChang
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posted April 25, 2012 04:05 PM     Click Here to See the Profile for DavidChang   Click Here to Email DavidChang     Edit/Delete Message   Reply w/Quote
Warner Bros. sets Jackie Robinson biopic ‘42’ for April 2013 (deadline)
Warner Bros and Legendary Pictures’ Jackie Robinson biopic 42 will be released April 12, 2013, three days before the 66th anniversary of the Brooklyn Dodgers Hall of Famer becoming the first black player in Major League Baseball. Warner Bros made the announcement today. Harrison Ford stars as Dodgers GM Branch Rickey and Chadwick Boseman plays Robinson. Brian Helgeland is directing from his own script. Shooting is set to begin next month in Alabama, Georgia and Chattanooga, Tenn., where that city’s Engel Stadium will stand in for the Dodgers’ former New York home Ebbets Field. Rachel Isum, Christopher Meloni and T.R. Knight co-star.

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a
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posted September 06, 2012 04:13 PM     Click Here to See the Profile for a   Click Here to Email a     Edit/Delete Message   Reply w/Quote
It's over. They can forget the playoffs. The worst trade ever.

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