http://www.foxsports
com/content/view?contentId=1739946&display=/Display/Html/Story/newprintable


DODGERS SOLD TO BOSTON REAL ESTATE DEVELOPER


FOX Sports
Oct. 10, 2003 5:12 p.m.
The Fox Entertainment Group and Frank McCourt announced Friday that they
have reached an agreement in principle for the sale of the Los Angeles
Dodgers to an investor group headed by McCourt, a prominent real estate
developer.
The agreement is subject to Major League Baseball approval. Terms were not
disclosed.
Frank McCourt is a lifelong baseball fan whose grandfather was part owner of
the Boston Braves. He serves as President and CEO of The McCourt Company, a
Boston firm primarily involved in real estate development. Jamie McCourt,
his wife and business partner, serves as Vice President and General Counsel
for the company. McCourt has long been interested in owning a major league
franchise, and led investor groups making prior bids for the Boston Red Sox
and Anaheim Angels in recent years.
Commenting on the agreement, Peter Chernin, President and Chief Operating
Officer of the Fox Entertainment Group, said: "We have been privileged to
own one of America's most enduring sports franchises for more than five
years. Frank and Jamie McCourt have a remarkable enthusiasm for baseball and
a profound commitment to community. Their extraordinary business acumen and
understanding of the complex issues facing the game today ensure success for
the Dodgers organization for many years to come."
"I am personally grateful to Peter Chernin and the Fox organization for
their professionalism and diligence throughout these complex negotiations,"
McCourt said. "We have the deepest respect for the history and traditions of
the Dodgers, and we recognize the strong contributions the team has made to
the local community. That is a major factor in the Dodgers' allure to us,
and we look forward to building upon that unique relationship with the City
of Los Angeles even further.
"We feel enormously privileged and excited about this opportunity to lead
the Dodgers to continued excellence across every level of the organization,"
McCourt added. "We anticipate a smooth completion of this transaction in the
weeks ahead, and when approved, our most immediate goals are returning the
Dodgers to the World Series and making each fan's experience at Dodger
Stadium the absolute best that it can be."
The agreement will now be forwarded to Major League Baseball's ownership
committee for review and recommendation to the other club owners, who will
then vote on the proposed sale.
McCourt said that, should the deal be approved, as Managing Partner, he
plans to be very active in the day-to-day operations of the ball club, while
also continuing to direct operations of his company in Boston. Allen &
Company, LLC represents Fox Entertainment Group in the transaction, while
Game Plan, LLC is acting as financial advisor to the McCourt group.
© 2003 FOX Interactive Television, LLC. All rights reserved.
Privacy Policy | Terms of Use | Feedback | News Corp. | FOX News | FOX.com |
FX | Advertising



Sent: 10/10/03 @ 2151

[Non-text portions of this message have been removed]