The Los Angeles Dodgers' Frank McCourt era officially ended today when the sale of the team to a management group that includes Earvin "Magic" Johnson was completed, one day later than expected.
The court-approved sale agreement between Frank McCourt and Major League
Baseball called for the sale of the Dodgers "to be consummated no later than
April 30," but there was a delay in getting final approval of some of the legal
The team is now owned by Guggenheim Baseball Management LLC. Mark R.
Walter, the chief executive officer of Guggenheim Partners, is the controlling
partner. The group also includes former Atlanta Braves and Washington Nationals President Stan Kasten.
"The Dodgers emerge from the Chapter 11 reorganization process having achieved its objective of maximizing the value of the Dodgers through a
successful plan of reorganization, under which all claims will be paid,"
according to a statement by the team. "The Dodgers move forward with
confidence - in a strong financial position; as a premier Major League Baseball franchise and as an integral part of and representative of the Los Angeles community."
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, who agreed to sell the Dodgers for a record $2.15 billion, 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.