MUMBAI: The U.S Bankruptcy Court under Judge Kevin Gross Friday approved the $2.15 billion sale of Los Angeles Dodgers and Dodger Stadium to Magic Johnson fronted Guggenheim Baseball Management.
Guggenheim Baseball Management includes Mark R. Walter as its controlling partner, Magic Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.
"We are pleased to have successfully concluded the Chapter 11 reorganisation process," Dodgers said. "All the organisation‘s goals in the reorganisation cases have been achieved. We look forward to returning all of our attention to Dodger baseball."
Approval came over objections from MLB that it needed "reasonable time" to review documents from the sale and a right to remedy -- to the point of vacating -- Gross‘ confirmation of the sale if documents yet to be produced are found to be in violation of MLB rules and regulations or contrary to information provided when owners approved the Guggenheim bidding group.
The Dodgers entered bankruptcy last June when they couldn‘t meet player payroll or pay bills after MLB Commissioner Bud Selig declined to approve a $3 billion agreement between Fox and the Dodgers to extend their television broadcast rights.