Will Getting A New Owner Improve The Team?

This team has been a successful baseball team ever since its shift to LA in 1958. Since then, the ownership of this team has been in the hands of Peter O’Malley and Frank McCourt. As per the latest news goes, the Los Angeles Dodgers will soon have a new owner. This announcement came as a shock to most people as speculations have been made about the team’s ownership for months, with frank McCourt insisting that he does not wish to sell the team. Many fans are happy to see the ownership finally change hands and they have showed their support of this decision by buying more Dodgers tickets.

Frank McCourt been the owner  since the year 2004. For the past 8 years, he has tried his level best to retain the team, but he has now, officially lost the battle that he has been fighting in two courts. Frank McCourt has reached upon an agreement to hand over the team to a new owner. It is expected that by the first season opening in 2012, a new owner will have taken over entirely.

The official announcement made regarding this subject says that Major League Baseball along with Frank McCourt will put up a combined appeal to the Bankruptcy Court of the United States of America to sell the team by auctioning it. This decision has been taken by Frank McCourt after coming to the conclusion that it will be better to auction the team rather than facing a trial in the Bankruptcy court. The auction taking place will include the entire package of the team, including the stadium and the parking lots. The entire Franchise will thus soon be under the hammer.

The official statement also said that the sale process of this auction will be managed by Blackstone Group LP. The franchise is expected to fetch a fortune anywhere in between$ 750 million to $ 1 billion, which is thrice the amount at which Frank McCourt has purchased it. It is expected that this auction will change the current situation of chaos that is surrounding this franchise, get it out of its state of bankruptcy and restore its former glory. Many fans have waited a long time for them to come back. They hope that their Dodger tickets might finally be worth something again.

Clearing out the air of uncertainty about the team and sorting out all the issues that have led to its bankruptcy would be the task at hand for the new owner. Most of the major names in the sports industry are bidding for the team. Mark Cuban, NBA’s owner along with Dennis Gilbert, the executive of Chicago White Sox and Dallas Maverick are expected to bid. There is also a possibility that Alec Gores and Alan Casden could bid. Rumours also say that Ron Burkle and the owner of the Milwaukee Brewers, Mark Attanasio might place individual bids. Tom Werner, who is the current Chairman of the Boston Red Sox, is also in the position to bid.

The fate of the Los Angeles Dodgers is currently unclear but this scenario is expected to soon change for the better. Everyone is anxiously waiting for the change!