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Chinese Government Wants to Buy L.A. Dodgers |
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Friday, 02 September 2011 |
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Will this be the first time baseball players earn $2/week?
In an international twist in the Dodgers' ownership saga, Frank McCourt has been offered $1.2 billion to sell the team to a group indirectly financed by the government of China.
The bid is headed by Los Angeles Marathon founder Bill Burke, according to a letter sent to McCourt on Tuesday. The letter was disclosed to The Times by two people familiar with its content but not authorized to discuss it publicly.
The proposed sale price would set a record for a Major League Baseball team. However, the bid was received with skepticism within MLB, where executives wondered whether the proposal might be used by McCourt to stir negotiations with other potential buyers or to persuade a Bankruptcy Court judge to keep McCourt in charge of the team.
"There are questions within the sports industry about whether this is a genuine offer," said one industry consultant who works extensively with MLB and other professional sports leagues.
The offer was unsolicited, according to a person who had spoken with McCourt's representatives but was not authorized to discuss the conversation.
It is uncertain whether the embattled Dodgers owner is receptive to the offer. McCourt has said that he had no interest in selling the Dodgers and that he intended to remain the owner after the team emerges from bankruptcy protection.
Steve Sugerman, a spokesman for McCourt, declined to comment on whether McCourt had received the letter and whether he would consider selling the team.
In a brief telephone interview, Burke declined to discuss the bid. "I have no comment at this time," he said.
Forbes magazine estimates the Dodgers' worth at $800 million. McCourt bought the Dodgers for $430 million in 2004, and the team and related entities carry debts of "over $550 million," according to a June 20 letter sent to McCourt from MLB Commissioner Bud Selig.
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