Baseball Primer Newsblog
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Friday, April 06, 2012
Time to call in John Spano?
Several individual owners have joined baseball officials in questioning why the Guggenheim group, led by Mark Walter, Stan Kasten and Magic Johnson, has not filed a more detailed Purchase and Sale Agreement more than a week after the group was selected from among three finalists by Frank McCourt, the outgoing owner who is selling the club through U.S. Bankruptcy Court.
The group was expected to file a Purchase and Sale Agreement with MLB earlier this week, but postponed the filing for two days before submitting a short form agreement that lacked what MLB regards as most of the necessary details. Of particular interest to MLB is a breakdown of where the money is coming from to cover the $2.15 billion sale price and what role McCourt has in the ownership, control and profit-sharing of the Dodger Stadium parking lots.
Can I blame McCourt for this anyway? Turns out I can.
The sale, according to sources, has been complicated by the bitter relationship between McCourt and MLB, by the Guggenheim group being caught between trying to satisfy both warring parties, by a bankruptcy court, not MLB, controlling the speed of the sale, and by the lingering contentiousness of the bidding process, which one bidder said was characterized by “brutal fighting.”
for his generous support.
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