01/25/12 1:24 PM EST
Numerous bids are in for sale of Dodgers
By Steve Gilbert / MLB.com
Initial bids were due Monday and the sale is expected to be completed by April 30. The Los Angeles Times, citing a source, said more than 10 groups submitted bids.
Among the announced and rumored bidders for the club are: broadcasters FOX, Time Warner and Comcast; former owner Peter O'Malley; Shamrock Holdings president Stanley Gold; former manager Joe Torre, developer Rick Caruso and Byron Trott of BDT Capital; Mark Walter from Guggenheim Partners with Magic Johnson and Stan Kasten; Dennis Gilbert and Imperial Capital; Steven Cohen from SAC Capital Advisors with agent Arn Tellem; Dallas Mavericks owner and investor Mark Cuban; Paychex founder Tom Golisano; Ares Capital co-founder Tony Ressler; Tom Barrack of real-estate developer Colony Capital and real-estate investor Alan Casden; Natural Balance Pet Food president Jerry Herrick with Steve Garvey and Orel Hershiser; former club executive Fred Claire with Bay Area consultant Andy Dolich.
The Times reported that Stan Kroenke, who owns the NFL's St. Louis Rams, the NBA's Denver Nuggets and the NHL's Colorado Avalanche, submitted a bid.
The Wall Street Journal on Monday reported that Leo Hindery, the former chief executive officer of the Yankees' YES Network, submitted a bid with Marc Utay.
The bids submitted Monday are non-binding.
The sale process, managed by Blackstone Advisory Partners and overseen by the U.S. Bankruptcy Court, resulted in more than two dozen groups receiving confidential financial information. Blackstone and current Dodgers owner Frank McCourt, who placed the team into bankruptcy protection last June, will present qualified bidders to Major League Baseball, which will approve up to 10 bidders.
From that group, McCourt will select the "highest and best" bid by April 1, notify the court by April 6, and the sale will close by April 30, the same day he is required to pay ex-wife Jamie McCourt $131 million to settle their divorce. In recent court filings, the Dodgers listed $573 million of debt.
Speculation has the auction bringing an MLB-record sale price of $1.5 billion or more, which would allow all creditors to be fully paid. Neither McCourt, who purchased the Dodgers in 2004 for $431 million, nor his relatives are allowed to directly or indirectly retain any interest in the team. The Dodger Stadium parking lots, at least at the start of the process, are not included in the assets being offered, but their sale can be negotiated.
Steve Gilbert is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.