Thursday, February 16, 2012
Report: Revised bids sought
ESPN.com news services
The remaining 11 bidders for the Los Angeles Dodgers have been asked to submit revised bids and supporting information within a week, sources familiar with the process said, according to the Los Angeles Times.
Once the bids are reviewed, more bidders will be cut from the pool and the remainder will be forwarded to Major League Baseball for its approval, according to the report.
Blackstone Advisory Partners, which is handling the sale, has asked the remaining groups to identify their investors, detail their financing and outline five-year business plans for the club, the Times reported.
Blackstone whittled the original field of prospective owners to 11 last month, based on its assessment of which bidders could put up at least $1.5 billion for the storied National League franchise.
The remaining bidders include groups headed by Basketball Hall of Famer Magic Johnson and former baseball executive Stan Kasten; former Dodgers manager Joe Torre; former Dodgers owner Peter O'Malley, whose family owned the club from 1950 to 1998; Memphis Grizzlies owner Michael Heisley; and the family of the late Roy Disney, the nephew of Walt Disney.
Outgoing owner Frank McCourt has agreed to identify a winning bidder by April 1 and close the sale by April 30.
In a related development, attorneys for Brian Stow, the San Francisco Giants fan who suffered a near-fatal beating outside Dodger Stadium last Opening Day, have asked the U.S. Bankruptcy Court to reject the team's proposed disclosure statement, according to the Times. That document must be approved by the bankruptcy court for the team to continue with its reorganization and sale.
In their objection, Stow's attorneys claimed the Dodgers do not need to resolve Stow's claim in order to sell the team and further alleged that the club is using the bankruptcy process as a means of avoiding Stow's lawsuit in state court, according to the report.
The Dodgers issued a statement Wednesday in response, saying Stow's objection to the disclosure statement "will not delay or obstruct confirmation of the Dodgers' (reorganization) plan," the Times reported.