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02/27/12 8:00 PM EST

Report: Seven make cut in Dodgers auction

GLENDALE, Ariz. -- Groups that include Magic Johnson, hedge-fund manager Steven Cohen and St. Louis Rams owner Stan Kroenke are among the seven making the latest cut in the bankruptcy auction of the Dodgers and Dodger Stadium, according to the Los Angeles Times.

The seven groups will be submitted for approval to two Major League Baseball ownership committees before another round of bidding is held. Current owner Frank McCourt is believed to be expecting a final sale price of more than $1.5 billion, which doesn't include the land on which the Dodger Stadium parking lots sit. He intends to retain and develop that property.

The groups still believed to be in the running are: Kroenke; Johnson, former baseball exec Stan Kasten and Guggenheim Investment Partners; Cohen, agent Arn Tellem and investment banker Steve Greenberg; investor Stanley Gold and the Disney family; Los Angeles real estate investor Alan Casden; former YES Network founder Leo Hindery and Tom Barrack of Colony Capital; and Jared Cushner, owner of the New York Observer and son-in-law of Donald Trump.

Bidders eliminated Monday, according to the report, are Memphis Grizzlies owner Michael Heisley and Ares Management founder Tony Ressler.

According to the terms of the agreement between McCourt and MLB, if a bidder is not approved by an owners committee, McCourt can appeal to a court-appointed mediator. If a bidder does not receive three-fourths approval of all owners, that bidder is eliminated.

MLB will notify McCourt which bidders advance next month, and a final round of bidding is expected before McCourt selects the winner, which must be done by April 1. The sale must close by April 30, the date McCourt must pay former wife Jamie McCourt a $131 million divorce settlement.

Ken Gurnick is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.