Did Magic’s Group Overpay For Dodgers?
March 29, 2012 by staff
Did Magic’s Group Overpay For Dodgers?, No one’s ever completely happy, not when tomorrow’s just sitting there waiting to screw things up. True enough, after the Magic Johnson-led group fell from the sky the night before, what followed nationally was an entirely rational fear Guggenheim Baseball Partners had overextended itself and the Dodgers, sunk by the McCourts over eight years, might never dig out.
While that won’t be answered before Cole Hamels or Matt Cain is standing behind Clayton Kershaw in the rotation, an insider with the Guggenheim group insisted there was plenty of money to both own and operate the Dodgers, the latter part of which being where the previous regime got ratty.
Magic, his business partners and traveling companions flew Wednesday afternoon from New York to Los Angeles. They’d forged the largest purchase of a sports franchise in history, by plenty. A photo landed on Twitter of Magic sitting in a private jet. He wore a Dodgers cap and his signature smile. He was giving a thumbs up.
On the eve of what was supposed to be a three-way auction, the GBP people effectively canceled the bidding with their sledgehammer offer, according to sources with knowledge of the deal. Readying their offers, the other two groups – Steve Cohen’s and Stan Kroenke’s – were told not to bother.
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