When the Los Angeles Dodgers spiraled into bankruptcy court amid the divorce between Jamie and Frank McCourt, MLB intervened to help facilitate the sale of the team. But rather than oversee the entire process, MLB agreed to allow Frank to essentially hold an auction.
In stepped Guggenheim Baseball Management, who purchased — and rescued — the team in 2012. The Dodgers have won over 90 games and reached the playoffs in every full season during Guggenheim’s tenure.
At the point of sale the ownership comprised of Stan Kasten, Mark Walter, Magic Johnson, Bobby Patton and Peter Gruber. In September 2018 it grew to include Billie Jean King and Illana Kloss.
According to Bill Shaikin of the L.A. Times, the Dodgers ownership group has expanded yet again through the sale of a minority stake of the team:
The Dodgers have sold a minority share in the club to two investors, expanding the team’s ownership group to nine.
The sale does not affect control of the Dodgers. Mark Walter remains the team chairman and controlling owner; Stan Kasten remains the team president and chief executive officer.
The Dodgers previously were said to be exploring the possibility of selling a portion of the team to a group from South Korea, though a deal never came to fruition. The team reportedly gauged interest from international investors again in August 2018.
When Guggenheim purchased the Dodgers from McCourt, they paid a record $2.15 billion. In June 2017, the ownership group reportedly valued the franchise at $2.5 billion. That was less than $2.75 billion valuation at the time placed on the team by Forbes, which has since grown to $3.3 billion this season.
The Dodgers’ value has increased not only through on-field results as winners of seven consecutive National League West titles and back-to-back World Series appearances, but Dodger Stadium is poised to undergo a slew of upgrades.
Namely, the $100 million renovation will add a plaza in center field, two new sports bars, new children’s play area, and elevators and escalators, among other amenities and upgrades.
In addition to the plaza, center field will add a new batters’ eye area that fans will be able to watch the game from. It’s part of an overhauled pavilion that also will see the creation of standing room areas.
The upgrades are expected to be in place by Opening Day of next season and thus well before the Dodgers host the 2020 MLB All-Star Game.