Bloomberg Law
May 7, 2012, 10:25 PM

Dodgers Emerge From Chapter 11 Protection;
Sale of Team to GBM LLC Complete

The Los Angeles Dodgers and former owner Frank McCourt announced May 1 that a sale of the team to Guggenheim Baseball Management LLC has been completed and the team has emerged from Chapter 11 protection. GBM purchased the Dodgers for $2 billion according to the team-issued press release. The Dodgers’ new ownership group will include Mark Walter, new CEO Stan Kasten, and NBA hall-of-famer Earvin “Magic” Johnson, the release states.

“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 ...

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