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Sale of Los Angeles Dodgers approved by bankruptcy court

Posted on Tuesday, April 17th, 2012 at 5:50 pm    

Last Friday a bankruptcy court approved the sale of the Los Angeles Dodgers baseball team to a private group of investors for a record price of $2 billion, the largest in American sports franchise history.

Among the group of buyers include former LA Lakers player “Magic” Johnson, CEO of Guggenheim Partners Mark Walter, and former executive of the Atlanta Braves and Washington Nationals Stan Kasten. The selling of the team helped it emerge from Chapter 11 reorganization.

The Dodgers’ financial troubles began when owner Frank McCourt and his wife filed for divorce. For years, the couple fought for ownership of the team until the MLB took over last April.

If your business is on the brink of bankruptcy, contact the business bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650 to learn about your options.

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