Great News for Dodger Fans...

[Hornsby]

And all of baseball, for that matter...

Frank McCourt agrees to sell Dodgers
Los Angeles Times | Nov. 1, 2011 | 9:53 p.m.


Frank McCourt agreed Tuesday to sell the Dodgers, abruptly surrendering the team after fighting to retain it over two years and in two courts. McCourt and Major League Baseball have agreed to seek approval from the U.S. Bankruptcy Court for an auction of the Dodgers. The sale is expected to include the team, Dodger Stadium and the surrounding parking lots, a package bought by McCourt for $421 million in 2004 and likely to sell for two to three times as much now.

[Big Tymer]

Wonder if Cuban will be allowed to bid.....

[bryanbutler]

Wonder if Cuban will be allowed to bid.....

in the NPR story this morning he was specifically called out. it'd be interesting, but i imagine the other owners might try to block him...

[DMT]

Why would Cuban be allowed to buy the Dodgers after being shut out for the Cubs?

[Cobain's Ghost]

I would be thrilled with Cuban as the owner of the Dodgers.

i wouldn't.

signed - rockies fan

[Erik]

Why would Cuban be allowed to buy the Dodgers after being shut out for the Cubs?

Since when has Bud Selig been consistent?

[mgwiz22]

My understanding was that the bidding process was to be handled through the bankruptcy court (as when Selig became an owner). I don't think that a bankruptcy judge would allow Selig to block anyone from bidding. Character should not be an issue so get your bid ready.

[Erik]

I don't think that a bankruptcy judge would allow Selig to block anyone from bidding.

The NHL was able to block that dude from Hamilton from buying the Coyotes during the bankruptcy process.

[Big Tymer]

My understanding was that the bidding process was to be handled through the bankruptcy court (as when Selig became an owner). I don't think that a bankruptcy judge would allow Selig to block anyone from bidding. Character should not be an issue so get your bid ready.

This what I was thinking as well when I said "allowed to bid" since I figured the auction process would better facilitate the "best offer" winning and Selig couldn't play games. Guess we'll see.

[revo]

My understanding was that the bidding process was to be handled through the bankruptcy court (as when Selig became an owner). I don't think that a bankruptcy judge would allow Selig to block anyone from bidding. Character should not be an issue so get your bid ready.

MLB is only going to allow a list of approved investors to bid on the team to speed up the process so a new owner can be in place by Opening Day.

[Gregg]

MLB is only going to allow a list of approved investors to bid on the team to speed up the process so a new owner can be in place by Opening Day.

I would think the only thing the Bankruptcy court would care about is if you had the money to make the purchase. Then if you do they would want the highest bidder from that group. Why would the court care what MLB thinks? This is about money and how to get the most of it to pay off debts.

[Bob Kohm]

I would think the only thing the Bankruptcy court would care about is if you had the money to make the purchase. Then if you do they would want the highest bidder from that group. Why would the court care what MLB thinks? This is about money and how to get the most of it to pay off debts.

I could be wrong, but my understanding is that since MLB has the right to deny a purchaser, the Court would seek the highest qualified bid. If the court were overseeing the auction of, for instance, a defense firm that produced classified or "no export" systems, it would not allow bids from people/organizations that were Iran or China based or otherwise unqualified to purchase the assets of the company.

[mgwiz22]

I understand

I could be wrong, but my understanding is that since MLB has the right to deny a purchaser, the Court would seek the highest qualified bid. If the court were overseeing the auction of, for instance, a defense firm that produced classified or "no export" systems, it would not allow bids from people/organizations that were Iran or China based or otherwise unqualified to purchase the assets of the company.

I can certainly understand national security considerations being taken into account but major league baseball ownership is a far cry from that. The judge has to consider the welfare of the creditors and the petitioner. While there is almost certainly a clause in the league agreements requiring ownership group approval I think the bankruptcy judge can ignore or modify that if he or she feels that it is proper to do so.

[Bob Kohm]

I understand

I can certainly understand national security considerations being taken into account but major league baseball ownership is a far cry from that. The judge has to consider the welfare of the creditors and the petitioner. While there is almost certainly a clause in the league agreements requiring ownership group approval I think the bankruptcy judge can ignore or modify that if he or she feels that it is proper to do so.

I think that the problem is that the welfare of the creditors and petitioner are not satisfied by selling the team to a group that can not complete the sale; MLB can reject the owner thus nullifying the sale. That being said, I did not stay in a Holiday Inn Express last night. Lucky or anyone else versed in the law and bankruptcy want to weigh in?

[mgwiz22]

http://sportspressnw.com/2011/10/wayback-machine-bill-dwyer-kos-american-league/

I was looking for some insight and found this article on the Seattle Pilots lawsuit. It gives no insight into the present situation but it makes interesting reading.