Magic Johnson can veto Frank McCourt’s stadium parking lot proposals
Magic Johnson has the power to veto any development Frank McCourt might propose for the Dodger Stadium parking lots, according to a provision in an agreement between McCourt and the new owners of the Dodgers.
McCourt sold the Dodgers to Guggenheim Baseball Management but retained half-ownership of the parking lots. Guggenheim secured the right to approve any development and designated Johnson as the party who would grant approval.
The provision, in a document that is not public, confirms what Guggenheim executives have said, that they control development of the property. The Times reviewed the provision on Wednesday, without receiving access to the rest of the document.
The provision lists more than a dozen specific categories of property alterations that would require Johnson to consent on behalf of Guggenheim, including construction of new buildings and parking changes.
The veto power then is extended to “any other action that would have an adverse effect on the fan experience at Dodger Stadium or otherwise be inconsistent with the preferences of a Guggenheim Baseball Management member.”
Without access to the remainder of the document, The Times could not confirm how long Guggenheim could exercise its veto — through Johnson or in any other way — or whether McCourt might have any recourse.
At the introductory news conference for the new owners last week, Johnson and Dodgers Chairman Mark Walter pointedly said McCourt would not share in future revenue beyond any development. The Times since has reported — and Walter has confirmed — that the $14 million the Dodgers pay to lease the stadium parking lots would be shared with McCourt.
Neither Johnson nor Walter has responded to requests for an explanation of the comments at the news conference.
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