Let the Bidding Begin!
Bill Shaikin of the Los Angeles Times has reported that more than 10 bids have been placed for the Dodgers by Monday’s deadline. Additional bidders possibly could throw their hat in the ring at the discretion of the bank who is handling the sale process, Blackstone Advisory Partners. Prospective buyers are also allowed to team up in order to gather the necessary funds needed to actually buy the team which could sell for a record amount.
There’s a few new names mentioned as potential bidders including St. Louis Rams owner Stan Kroenke. The Wall Street Journal reported that investors Leo Hindry and Marc Utay jointly bid. They had unsuccessfully attempted to purchase the Chicago Cubs in the past.
Mark Cuban, Steven Cohen, and Peter O’ Malley submitted bids. The groups headed by Magic Johnson and Stan Kasten, Joe Torre with Rick Caruso, Roy Disney and Stanley Gold, and investors Jason Reese and Randy Wooster with Dennis Gilbert and Larry King also were in on the bidding action Monday.
Josh Macciello, the 36-year old billionaire, reportedly put in a substantial bid.
"“I will probably put in the highest bid, from what I understand,” said Macciello."
The initial bids are not binding, and bidders may have bid more than what they could actually afford to pay or desire to pay.
Interestingly there seems to be bidders discussing the possibility of joining forces in order to pool resources. Peter O’Malley and Stanley Gold who is working with Roy Disney have been in discussion (I love the idea of this joint force).
Tom Barrack is potentially looking to partner up with another group as well.
Blackstone will decide who will proceed to the next round in the bidding process within the next week or two. They will choose up to 10 candidates who then will be required to pay the MLB a $25,000 fee to pay for baseball’s investigatation of the bidders.
This means that we will soon hear those magic words…”SOLD!”