02/23/12 6:11 PM EST
Torre's group reportedly ends bid for Dodgers
By Ken Gurnick / MLB.com
Torre resigned his executive position with Major League Baseball in January to pursue the Dodgers. He was aligned with Los Angeles developer Rick Caruso and investor Byron Trott of BDT Capital, one of 11 groups that made it through the first cut of the sale process managed by Blackstone Advisory Partners and overseen by a U.S. Bankruptcy Court.
Since that cut, a group that included former Dodgers owner Peter O'Malley and South Korean conglomerate K-Land also has reportedly withdrawn.
The remaining bidders, now believed to number nine, have been requested to submit a second bid this week. Through an agreement reached with MLB and approved by the court, McCourt must select a winning bidder by April 1 with the sale closing by April 30, the day he must pay former wife Jamie McCourt a $131 million divorce settlement.
Through the bankruptcy process, Frank McCourt agreed to sell the team and Dodger Stadium, but retained the right to keep the Dodger Stadium parking lots for possible development. Those lots currently generate $14 million annual rental for a McCourt-held entity and are bound by a long-term lease.
Remaining bidders are believed to include a group headed by Magic Johnson, with former baseball executive Stan Kasten and investor Mark Walter of Guggenheim Partners; hedge fund manager Steven Cohen, aligned with agent Arn Tellem and investment banker Steve Greenberg; St. Louis Rams owner Stan Kroenke; Shamrock Investments' Stanley Gold and the Disney family; Colony Capitol investor Tom Barrack with Leo Hindery and Marc Utay; New York investor Jared Kushner and Aryeh Bourkoff of UBS; and Los Angeles real estate investor Alan Casden.
Ken Gurnick is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.