L.A. Dodgers sale formally closes

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LOS ANGELES, May 1 (UPI) -- The Los Angeles Dodgers confirmed Tuesday they are under new ownership following formal closure of the team's acquisition by Guggenheim Baseball Management.

Guggenheim, which includes former basketball star Earvin Johnson and hedge fund tycoon Mark Walter, bought the storied franchise from Frank McCourt for a lofty $2.15 billion and will bring it out of Chapter 11 bankruptcy.

"The Dodgers emerge from the Chapter 11 reorganization process having achieved its objective of maximizing the value of the Dodgers through a successful plan of reorganization, under which all claims will be paid," the Dodgers said in a written statement. "The Dodgers move forward with confidence -- in a strong financial position."

The new front office team will be led by veteran baseball executive Stan Kasten as chief executive officer. The Los Angeles Times said Kasten is expected to keep Ned Colletti in the general manager's office and pursue a long-term contract extension with power-hitter Andre Ethier.

Guggenheim, a spinoff of Chicago's Guggenheim Financial, is the third owner for the Dodgers since the O'Malley family sold the team in 1998. The Dodgers have not played in the World Series since 1988.