Dodgers Bankruptcy: Team to be Auctioned Wednesday

Last year, Dodgers owner Frank McCourt filed for Chapter 11bankruptcy with hopes to remain the owner of the team. However, McCourt ultimately agreed to sell the Dodgers through a court-supervised auction where he would choose the winning bidder.

8 different bidders came forward, 5 of which were rejected by Major League Baseball. The 3 remaining bidders will bid for the Dodgers on an auction to be held this Wednesday or later this week. The auction is expected to sell the Dodgers for a record price for an American sports franchise, with the expected pricetag to be around $1.5 billion.

The 3 remaining bidders are:

--The partnership of Connecticut hedge-fund billionaire Steven Cohen and Los Angeles biotech billionaire Patrick Soon-Shiong, with a combined net worth estimated at $15.5 billion.

--Stan Kroenke, owner of the St. Louis Rams and five other sports teams, with a net worth estimated at $3.2 billion.

--A group fronted by Magic Johnson and veteran baseball executive Stan Kasten and funded largely by Guggenheim Partners, a Chicago-based financial services firm that says it controls $125 billion in assets.

Once McCourt chooses a bidder, he must get approval from the Bankruptcy Courts on April 13 and close the transaction by April 30.

If you have any questions about bankruptcy, contact an Orange County Bankruptcy Attorney at 1st California Law