38 F
Fort Worth
Monday, November 30, 2020
Banking Los Angeles Dodgers owners - including Fort Worth investor - want to...

Los Angeles Dodgers owners – including Fort Worth investor – want to sell part of the team

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

The market for sports teams is hotter than ever, and the owners of the Los Angeles Dodgers have decided the time is right to sell a minority stake.

“During our five years with the Dodgers, we have had a steady stream of inquiries from different parties interested in becoming a part of Dodger ownership,” Chief Executive Officer Stan Kasten said.

“With continuing developments in the sports and entertainment industry, both domestically and internationally, we thought this might now be a good time to examine some of the opportunities more closely.”

The six-person ownership group has retained New York-based Galatioto Sports Partners to manage the sale process. As of now, there’s no timetable, said Sal Galatioto, founder of New York-based GSP, and it hasn’t been determined how big a stake could be sold or at what valuation.

The owners aren’t surrendering control of the franchise they bought in 2012 for $2.15 billion. Peter Schwartz, a consultant on strategy and business valuation at Anderson Economic Group in New York, said in his opinion, the Dodgers could fetch $2.5 billion, which would make them second to the New York Yankees among MLB teams.

Team valuations have been rising in all sports, buoyed by media deals that have only gotten bigger. In 2012, Time Warner Cable, which along with the Dodgers owns SportsNet LA, agreed to pay the current owners $8.3 billion over 25 years for the rights to games. The deal rattled the cable and satellite providers, who balked at the fees the regional sports network wanted to charge for its programming.

Any stake would come from all of the partners — Mark Walter, Todd Boehly, Bobby Patton of Fort Worth, Magic Johnson, Peter Guber and Kasten — and MLB must approve any sale. Kasten didn’t say how the proceeds would be used.

Patton principally operates oil and gas properties in Texas and Kansas and has additional investments in many other sectors, including ranching and insurance. A partner of Guggenheim Baseball Management, he became part owner of the Los Angeles Dodgers in 2012. He also serves as the tournament chairman of the Dean & DeLucca Invitational PGA Tour event at Colonial Country Club in Fort Worth. Last September, Patton and his wife, Sherri, gave a $20 million gift to support faculty and graduate student endowments in the College of Liberal Arts at The University of Texas at Austin.

The Dodgers have won their division the past four seasons and averaged 45,719 fans per game in 2016, leading MLB for the fourth consecutive year.

Korean newspapers reported in 2012 that the Dodgers were in talks to sell a minority ownership stake to a group of South Korean investors. No deal was completed. – FWBP staff contributed. 


Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Stocks edge higher on Wall Street on latest vaccine hopes

NEW YORK (AP) — U.S. stocks edged higher in morning trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and...

Mnuchin denies he’s trying to hinder incoming administration

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an...

Bank of America announces $2.65 million jobs initiative for Texas Black and Hispanic-Latino students

Bank of America announced a new multimillion dollar jobs initiative Nov. 19 to help students of color complete the education and training necessary to...

PNC to buy US unit of Spain’s BBVA bank for $11.6 billion

NEW YORK (AP) — PNC Financial Services Group said Monday it is buying the U.S. subsidiary of Spain's BBVA bank for $11.6 billion in...

Banker gets 1-year term for coronavirus relief funds fraud

By MATTHEW BARAKAT Associated PressALEXANDRIA, Va. (AP) — A northern Virginia banker who admitted illegally receiving $1.4 million in fraudulently obtained coronavirus relief funds...