Second cut looming for Dodgers bidders
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The 11 bidders remaining in the Dodgers sweepstakes have been asked to submit a revised bid and supporting information within one week, multiple people familiar with the sale process said Wednesday.
The field of bidders will then be cut, with the surviving parties submitted to Major League Baseball for approval, said the people, who could not be identified because they were not authorized to discuss the sale process.
Blackstone Advisory Partners, the investment bank handling the sale for outgoing owner Frank McCourt, accepted initial bids until Jan. 23 and cut the field of bidders to 11 on Jan. 27. That cut reflected Blackstone’s assessment of which parties had the ability and desire to bid at least $1.5 billion for the Dodgers.
The complete list of 11 bidders -- featuring such household names as Magic Johnson, Joe Torre and Peter O’Malley -- can be found here.
The remaining bidders have met with Dodgers executives and reviewed additional financial data, and McCourt and Blackstone hope the bids will go up. In addition to a bid amount, however, Blackstone now has asked each group to identify its investors, explain how the purchase of the team would be financed and propose a five-year business plan.
Blackstone is expected to review that information and make a second cut. The remaining bidders would be subject to investigation by the league, including review by the MLB ownership committee and executive council, followed by a vote of owners. MLB has agreed to approve up to 10 bidders. McCourt has agreed to identify a winning bidder by April 1 and close the deal by April 30, so the final round of bidding is expected in late March.
-- Bill Shaikin