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Dodgers say sale to close April 30

April 7, 2012 at 12:25 PM   |   Comments

LOS ANGELES, April 7 (UPI) -- The Los Angeles Dodgers said the sale of the club to Guggenheim Baseball LP would be finalized by the end of the month.

The paperwork for the $2.15 billion transaction was filed Friday with the deal scheduled to close April 30.

The Hollywood Reporter noted April 30 is the same day embattled owner Frank McCourt is due to write a huge check to his ex-wife Jamie and close out their bruising divorce proceedings.

The Reporter said Guggenheim, the group of buyers that includes Magic Johnson, would officially take over the Dodgers May 1, putting the club back in the black 10 months after it filed for bankruptcy protection.

The 70 pages of documents filed in court Friday dealt with reorganization plans and stated Guggenheim would pay $1.6 billion in cash and assume $400 million in debt.

"The amended Plan of Reorganization, among other things, provides for the payment of all allowed claims of creditors in full, includes a substantial distribution for debtors' equity interest holder, and provides a solid foundation for the long-term success of Los Angeles Dodgers and its affiliates," the Dodgers said in a written statement.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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