March 30th update

Dodgers sold to L.A. legend

• The LA Dodgers were sold on Wednesday for a mind boggling amount of $2 billion. This is almost 250% more than the previous high for a baseball team (the Cubs were sold in 2009 for just over $800 million) and almost double the previous high paid for any American sports franchise (the $1.1B paid by Stephen Ross for the Miami Dolphins). However, the headline of the purchase may be that one of main owners is former Los Angeles Lakers star Magic Johnson.
• The new owners are a group called the Guggenheim Baseball Management Group and made up of Johnson, the CEO of the Mandalay Entertainment Group, the president of the Guggenheim Partners and Stan Kasten, the former president of the Atlanta Braves and Washington Nationals.
• Kasten stands to be the head “baseball” man in the group, but Johnson says he will be deeply involved with the day-to-day operations of the team. He is particularly interested in helping the players develop both on and off the field. Dodgers players on the other hand, are interested in beating their new owner on the court.


Final 4 Preview

• The Final 4 is upon us, and on Saturday the games will commence. Kentucky's fantastic young squad will take on the other big program in the state of Kentucky and their own former coach in Louisville and Rick Pitino. Pitino, who was considered to be a finalist to make it into the basketball hall of fame, apparently will not be inducted this year.
• The second game will feature two #2 seeds in Ohio State and Kansas. Ohio State has endured a bumpy season in basketball and even moreso in football but they could make it a banner year with 2 more wins. Kansas has had 2 assistant coaches take on new head coaching jobs already (although they will stay on for the Final 4) although that's not as damaging as the news Kansas' Elite 8 foe North Carolina heard this week.
• Kentucky is considered the prohibitive favorite to win it all but they still have a tough road ahead. After the games on Saturday, the National Championship game will take place on Monday night.

Dodger Blues: LA in the red

Divorce’s effects leads to LA Dodgers declaring bankruptcy

· - The LA Dodgers, under heavy financial stress and the end of month payroll period quickly approaching, declared bankruptcy on Monday. Bitter divorce proceedings between Dodger owners, Frank and Jamie McCourt has lead the team to file for Chapter 11 protection. Jamie McCourt has taken her half of the McCourt estate and left the Dodgers scrambling to not only pay back the loans the McCourts took out to buy the team, but also basic payroll.

· - Frank McCourt had cut a deal with Fox Sports in order to give the Dodgers solvency in order to make payroll and keep up with their debts in exchange for the TV rights to the Dodgers. However, MLB commissioner Bud Selig rejected the deal saying that it was mortgaging the future of one of baseball’s most storied franchise.

· - This decision comes a few weeks after Selig appointed a liaison from Major League Baseball to observe the Dodgers after it came to light that Frank and Jamie McCourt were basically using the Dodgers' operating funds for their own personal line of credit.