After months of negotiations in bankruptcy court, the LA Dodgers Chapter 11 case was supposed to come to a close last week. A decision was originally expected by April 6th, but was pushed to 27th after additional bids on the team were being considered. As team fans and players wait patiently for the sale, further delays could drag the case out longer.
A Home Run?
With reported debts over $570 million, the LA Dodgers have been in bankruptcy court since January, attempting to resolve their financial burden. After a few unsuccessful bids were placed for the sale of the team, one group pulled ahead of the rest offering one of the highest bids in MLB history.
The winning bidder of the team was Guggenheim Baseball, a team composed of former NBA star Magic Johnson, former Atlanta Braves President Stan Kasten and Guggenheim Partners CEO Mark Walter. Placing their winning bid of $2.5 billion for the team last Friday, it was expected that the sale would be finalized yesterday before the Dodgers took on the Denver Rockies. However, the bankruptcy judge who approved the sale was unable to finalize the paperwork due to disputes about the Chapter 11 case details.