McCourt Sells Dodgers for Two BILLION Dollars
Ah, the American Dream.
Only in America can you buy a baseball team on credit using virtually none of your own assets, then live an incredibly lavish lifestyle where you charge everything to your company. Then, after a very public divorce, you have Major League Baseball take over your franchise and basically, throw you out.
But not to fear, you can eventually sell the franchise.
If you don’t believe it, meet Frank McCourt, who yesterday sold the Los Angeles Dodgers to a group which includes Earvin “Magic” Johnson.
For two BILLION dollars.
It is easily the highest price ewer paid for a professional sports franchise, dwarfing the $1.1 billion paid for the Miami Dolphins and the $1.45 billion for Manchester United.
McCourt bought the franchise for $430 million eight years ago.
As of January, the teams debt was over a half billion dollars, which means even after paying his ex-wife Jamie over $100 million in a divorce settlement, McCourt will still clear several hundred million dollars.
Only in America.