- People will be safe at 118th Boston Marathon, Mayor Marty Walsh says
- Boy Scout, 12, killed by rolling tree during troop outing at Washington park
- South Korean president: Ferry crew actions ‘murderous’
- President Obama poised to grant clemency to nonviolent drug offenders: report
- Teen OK after riding in wheel well of Hawaii jet
- Kraft recalls 96K pounds of Oscar Mayer hot dogs over cheese error
- Boy Scouts boots church as host after gay leadership dispute
- Sen. Elizabeth Warren’s new book raises 2016 presidential speculation
- America is an oligarchy, not a democracy or republic, university study finds
- Rep. Marsha Blackburn: Hillary Clinton won’t be first female president
Judge approves Dodgers’ reorganization plan
WILMINGTON, DEL. (AP) - A bankruptcy court judge in Delaware gave his approval Friday to the Los Angeles Dodgers' plan to sell the team for $2 billion.
U.S. Bankruptcy Judge Kevin Gross' approval of the Dodgers' reorganization plan came at the conclusion of a two-part morning and evening hearing he called a "doubleheader." The decision allows the team to exit bankruptcy.
The reorganization plan is based on Dodgers owner Frank McCourt's agreement to sell the team for $2 billion to Guggenheim Baseball Management, a group that includes former Los Angeles Lakers star Magic Johnson. Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, will become the controlling owner, and the team will be run by former Atlanta Braves president Stan Kasten.
Both Kasten and McCourt were in court Friday. The sale is set to close by April 30, the day McCourt is to make a $131 million payment to former wife Jamie as part of their divorce.
"All the organization's goals in the reorganization cases have been achieved. We look forward to returning all of our attention to Dodger baseball," the team said in a statement following the hearing.
The Dodgers entered bankruptcy in June 2011 during a bitter dispute with Major League Baseball. At the time, baseball Commissioner Bud Selig refused to approve a new TV deal with Fox Sports that the team was counting on in order to make payroll and keep the franchise solvent.
Friday's hearing helped resolve a number of lingering issues ahead of the team's sale. Fox, the team's current broadcaster, had wanted written assurance that competitor Time Warner Cable was not contributing funds being used for the purchase. Lawyers for the Dodgers agreed to do that.
Friday's hearing dragged into the evening, however, as lawyers for the Dodgers and Major League Baseball sparred over the information being given to the league about the plan. A lawyer for Major League Baseball said the league has issues with the plan and was owed more information. A Dodgers lawyer said the team has met all the criteria to have the plan confirmed, and the judge agreed.
Women losing coverage under Obamacare, too
- Tactical advantage: Russian military shows off impressive new gear
- Former Ranger breaks silence on Pat Tillman death: I may have killed him
- Scalia to students on high taxes: At a certain point, 'perhaps you should revolt'
- Special Forces' suicide rates hit record levels casualties of 'hard combat'
- USAID documents cite Hillary Clinton in chaos of Afghan aid
- CURL: Shelly O first lady Michelle Obama comes in last
- Feds approve powdered alcohol; 'Palcohol' available later this year
- Twitter blocks accounts critical of Turkish government
- Inside China: Marine's comment on islands draws sharp Chinese response
- Building a D.C. memorial for an endless war bumps into regulations
Top 10 handguns in the U.S.