Baseball fans have had their fair share of watching favorite teams take the plunge into Chapter 11. Texas Rangers and the LA Dodgers are two big names that have taken headlines over the last few years. Now, after 10 long months in bankruptcy court, the Los Angeles Dodgers may have finally come to an agreement to end their financial troubles.
Leaving It Behind
With close to $600 million in debts, the Dodgers were put up for auction in January of this year. After numerous bids from interested buyers, the Dodgers were having trouble obtaining permission to sell the team as part of their debt reorganization. However, a U.S. Bankruptcy Judge granted the team permission to be sold for a record $2.5 billion.
The Dodgers will be sold to a group of investors including big names such as former NBA star Magic Johnson, former Braves President Stan Kasten and Guggenheim Partners CEO Mark Walter. Although the deal isn’t final until it has been approved by the court mediator on April 30 the Dodgers are facing some obstacles with Major League Baseball, who are said to have “issues” with the sale.
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