FOR IMMEDIATE RELEASE Tuesday, May 1, 2012
SALE OF LOS ANGELES DODGERS SUCCESSFULLY COMPLETED
LOS ANGELES,May 1,2012 – The Los Angeles Dodgers,Guggenheim Baseball Management LLC (“GBM”) and Frank McCourt today announced the completion of the sale of the Dodgers to GBM for $2 billion. As previously reported,the Dodgers’new ownership includes Mark Walter as control person,Earvin “Magic” Johnson,and Stan Kasten as CEO of the organization.
The Los Angeles Dodgers stated,“The Dodgers emerge from the Chapter 11 reorganization process having achieved its objective of maximizing the value of the Dodgers through a successful Plan of Reorganization,under which all claims will be paid. The Dodgers move forward with confidence – in a strong financial position;as a premier Major League Baseball franchise;and as an integral part of and representative of the Los Angeles community.”