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Wednesday, December 07, 2011

MLB agreement says Frank McCourt must sell Dodgers by end of April - latimes.com

The Dodgers mess continues, at least for a little while longer.

Frank McCourt must divest himself of the Dodgers and their stadium by April 30 but has sole authority to decide whether he keeps or sells the parking lots surrounding the stadium, according to the terms of his sale agreement with Major League Baseball.

Jim Furtado Posted: December 07, 2011 at 04:57 PM | 3 comment(s) Login to Bookmark
  Tags: dodgers

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   1. The Yankee Clapper Posted: December 07, 2011 at 06:36 PM (#4009392)
McCourt must transfer to the Dodgers' new owner a long-term lease that enables the team to use the parking area on game days. That lease entitles McCourt to build parking structures so he could use the land for development without losing a significant amount of parking spaces.

Under the sale agreement, prospective team owners can bid for the parking lots as well, but McCourt has "sole and absolute discretion" over whether to sell them. If he keeps the parking lots, he would retain an annual income stream of about $10 million.

A potentially messy arrangement.
   2. phredbird Posted: December 07, 2011 at 06:48 PM (#4009412)
so tj simers was right. he is the parking lot attendant.
   3. zachtoma Posted: December 07, 2011 at 10:09 PM (#4009653)
Did MLB have to give him that concession in order to get him to sell? Apparently so. I always thought the commissioner could force him out unilaterally or with a vote of the other owners, but I guess an agreement now means avoiding some of the messiness of bankruptcy court.

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