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Sources: McCourt Gets No Parking Lot Money

The joint venture between the ownership group led by Magic Johnson and soon-to-be former Dodgers owner Frank McCourt for land around Dodger Stadium will not allow McCourt to reap any profits from parking revenue, according to three different sources.

The new ownership group, which entered into a $2.15 billion deal to purchase the Dodgers on Tuesday night, has control over the parking lots and land around the stadium.

Via Ramona Shelburne/ESPN.com


Sources: McCourt Will Not Get Parking Lot Money

The joint venture between the ownership group led by Magic Johnson and soon-to-be former Dodgers owner Frank McCourt for land around Dodger Stadium will not allow McCourt to reap any profits from parking revenue, according to three sources with knowledge of the situation.

Via ESPN.com


Magic Praised, Deal For Dodgers Being Disected

Dodgers fans and players are thrilled Magic Johnson is part of the group that bought the team, but many are wondering how Frank McCourt could remain connected to the franchise he was forced to sell.

The Johnson group, largely funded by Guggenheim Capital chief executive officer Mark Walter, agreed to purchase the Dodgers, Dodger Stadium and a 50 percent stake in the parking lots surrounding the ballpark from McCourt for $2.15B.

Sources with knowledge of the agreement told ESPNLosAngeles.com's Tony Jackson the group will purchase half of the Dodger Stadium parking lots, deemed to have a total value of $300M, with McCourt keeping the other half.

Via ESPN.com


Kemp Praises Magic's Deal For Dodgers

Matt Kemp learned that Magic Johnson was his new owner on Tuesday night as he sat courtside at the Suns-Spurs game.

"My phone started blowing up," Kemp said. "I started looking at the texts, and everyone was saying Magic was our owner. I thought people were just messing with me. I didn't know it was real until I started getting text messages from some important people."

The new ownership group, headed by Johnson, is largely funded by Guggenheim Capital chief executive officer Mark Walter.

They agreed to purchase the Dodgers, Dodger Stadium and a 50 percent stake in the parking lots surrounding the ballpark from Frank McCourt for $2.15 billion.

"I think it's tight, man, for Magic to be one of our owners," Kemp said. "He knows what the Dodgers mean to L.A. Magic is very important to L.A., and the fans love him. This is a pretty good day for the Dodgers."

Via Tony Jackson/ESPN.com


Magic's Group To Buy Dodgers For $2 Billion

Dodgers owner Frank McCourt has announced an agreement to sell the bankrupt team for $2 billion to a group that includes former Lakers star Magic Johnson and former Braves and Nationals president Stan Kasten.

The agreement, revealed about five hours after MLBl owners approved three finalists for the auction, is to lead to a transfer of the team by the end of April. It is subject to approval in federal bankruptcy court.

Via ESPN.com


Dodgers Mar 2012 Archive