The sale of the Los Angeles Dodgers, which will ultimately deliver the august franchise from the grubby hands of Frank McCourt to, one assumes, a new owner more concerned about winning than raiding the team for cash, is reaching its final stages. For Dodger fans, change can't come soon enough. So consider it good news that an end to the disastrous McCourt reign is in sight. Final bids have been submitted, MLB is finalizing the approval process, and McCourt has until next month to choose an offer. Ultimately, it should come down to two finalists: the group helmed by hoops legend and L.A. civic treasure Earvin "Magic" Johnson (and longtime baseball exec Stan Kasten) and the group fronted by hedge-fund honcho Steve Cohen.
Cohen's appeal? Cash, mostly. Although Johnson is believed to have the highest total offer on the table (a rumored $1.6 billion), Cohen's bid has more cold, hard, redeemable U.S. currency involved ($900 million, to be precise). That may appeal to McCourt, who's facing a pricey divorce settlement with little more than exposed pocket linings and the Dodger Stadium parking lots to his sullied name.
Additionally, as CBSSports.com Insider Jon Heyman has reported, Cohen may have additional credibility in the eyes of MLB because of his willingness to bring on board seasoned baseball men like Tony La Russa and former deputy commissioner Steve Greenberg. So it's not surprising that Cohen and his offer have been briskly approved by MLB.
Indeed, cash may be king in this affair. That's likely why Johnson's group recently added Hollywood power player Peter Guber to the fold, and that's also why Michael Heisley, another bidder, may be seeking to sell the Memphis Grizzlies of the NBA.
As mentioned, though, McCourt will have the final say. It would seem his calculus would come down to "choose offer with most cash," but that may not be the case. Maury Brown of the Business of Sports Network recently tweeted that McCourt may favor the Johnson-Kasten bid over all others. Why? Perhaps he's swayed by the higher total offer, even though there's less equity involved. (High levels of debt financing may feel like an old, good friend to McCourt.)
Or, given the contentious nature of the McCourt-MLB relationship, maybe old-fashioned pettiness is in play? If MLB truly does favor Cohen, then McCourt could see his choosing the Johnson-Kasten group as his final parting shot. Sure, you'd like to think that childish emotions wouldn't play a role in high-level business decisions, but McCourt's acumen in such matters is always to be doubted.
The only thing certain is that this will be resolved soon enough: McCourt must make his choice by April 30. So those who care about one of the great franchises in sports can take solace in the fact that change is coming. Whether it's Magic Johnson, Steve Cohen or someone else, Frankie Parking Lots will soon be resigned to ... the parking lot.
And the people say: It's about time.
