Monday, March 26, 2012
The End Is Nigh: Dodgers Sale Groups Whittled To Three
McCourt and his advisers have projected a sale price of at least $1.5 billion. Is that going to happen?
That might depend on whether McCourt includes the Dodger Stadium parking lots in the sale. The bidders would like him to sell the lots. He is not required to do so, and he has said he intends to keep them.
If he does, the offers for the Dodgers could drop to the point in which McCourt might not make much more than $1.1 billion, the approximate amount he needs to pay off debts and taxes, according to multiple people familiar with the sale process. McCourt could bet on revenue from future development.
The parking lot options might not be limited to "sell" or "keep." A bidder could get an option to buy them a later date, for example, or offer McCourt a share of any development revenue.