DodgersDivorce.com: How the McCourts came to own the Dodgers.

Under the terms of the agreement, Fox was also obligated to kick in rebates of $50 million over the first two years of the financing, effectively reducing the purchase price to $371 million.

So, if you’re counting at home, the above adds up to $421 million in financing…for a $371 million purchase. That, friends, is a little scary. And there’s more. In May 2005, McCourt announced a new, $250 million 25-year note which took out B of A and what remained of the debt to Fox (after the foreclosure on the Boston property). This increased the debt load to $521 million on a $371 million purchase. This financing, known as a private placement, was provided by an unidentified group of institutional investors, such as pension funds and insurance companies. The terms of the loan—5.66% fixed for 25 years—are relatively favorable to McCourt. The collateral for this new loan was reportedly the 300 acres of real estate surrounding Dodger Stadium—not the club itself. Importantly, one of the provisions of the private placement was that control of the Dodgers would not change hands.

The McCourts’ equity in the Dodgers is likely somewhere in the $250-350 million range. Assuming Jamie’s $400 million estimate of the couple’s other assets is correct, that makes the couple’s net worth approximately $700 million, not quite the $1.2 billion suggested by Jamie. And is it that unreasonable to think that her $400 million “other assets” figure might have omitted debt, just as the $800 million Dodgers figure did? It’s entirely possible the couple’s net worth is much closer to $500 million—still a very healthy amount, but one that poses significant problems for either of the two to own the Dodgers without the other. We don’t know nearly enough about the McCourts’ other personal assets to draw any hard conclusions, but all of the significant residential assets are mortgaged or otherwise pledged in various financing facilities.

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