(CNS) – The Los Angeles Dodgers’ Frank McCourt era officially ended yesterday 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 documents.
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.
A number of Dodger greats will be at the stadium today, when the new ownership group will be introduced to the public. KFWB’s Jon Baird checked in with Penny Griego and Phil Hulett from Chavez Ravine. Click to listen:
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.