Deal Officially Closed as of April 30, 2012 and Funded on May 1, 2012.
Foley represented Guggenheim Baseball Management in its acquisition of the Los Angeles Dodgers, marking the single largest transaction ever for a professional sports franchise. The new ownership group is led by Mark Walter, Chief Executive Officer of Guggenheim Partners, Earvin “Magic” Johnson, Peter Guber and Stan Kasten, the former president of the Atlanta Braves and Washington Nationals, among others.
The transaction, valued at $2 billion, closed as of April 30, 2012, per an agreement between owner Frank McCourt and Major League Baseball (MLB) that was approved by the Delaware Bankruptcy Court, with funding occurring on May 1, 2012. This complex transaction was a unique and highly competitive sale process that required special consideration to matters related to bankruptcy, financing, real estate and land use, mergers and acquisitions, and media rights, among other areas.
Recognized as one of the top sports practices in the country, Foley’s team was led by partner Irwin P. Raij and also included Kevin R. Schulz; Christopher J. Rasmussen; Teri L. Champ; Robert A. DuPuy; John B. Palmer; Michael J. Small; Judy A. O'Neill; Erick S. Harris; Jason N. Barglow; Nathaniel J. Blair; Kathryn M. Agostinelli; Stephen P. Boyett; Jared A. Cook; Annette De La Torre; Benjamin R. Dryden; Ethan D. Lenz; Victoria A. Matese; Belinda S. Morgan; Gregory E. Neppl; Tyler Parramore; Lars A. Peterson; Jeremy R. Polk; Christine L. Rittberg; Alan D. Rutenberg; Joseph B. Tyson, Jr.; and Dorothy E. Watson.
Overall, more than 50 Foley attorneys from 12 different practice groups assisted on the transaction, demonstrating both the breadth and depth of Foley’s capabilities in assisting clients to navigate such complex and high-profile transactions.
The Dodgers transaction follows on the heels of Foley's successful recent representations of Wayne Weaver in his sale of the Jacksonville Jaguars, Rangers Baseball Express LLC in its acquisition of the Texas Rangers, and the Ricketts Family in its acquisition of the Chicago Cubs, which previously held the record price for an MLB franchise sale at $845 million.
Foley’s multidisciplinary Sports Industry Team consists of transactional, finance, antitrust, media, public affairs, litigation, bankruptcy, intellectual property (IP), real estate, tax, employee benefits, and labor and employment attorneys. Clients include franchises and leagues, amateur and collegiate teams, owners, stadium operators, sponsors, promoters, developers, and sporting goods manufacturers.