Warriors

Dodgers sold to Magic Johnson's group for 2B

528902.jpg

Dodgers sold to Magic Johnson's group for 2B

From Comcast SportsNet
NEW YORK (AP) -- One Los Angeles institution is buying another. A group that includes former Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Dodgers from Frank McCourt for a record 2 billion. The price would shatter the mark for a sports franchise. Stephen Ross paid 1.1 billion for the NFL's Miami Dolphins in 2009, and in England, Malcolm Glazer and his family took over the Manchester United soccer club in 2005 in a deal then valued at 1.47 billion. Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner. The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court. "I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles," Johnson said in a statement. As part of the agreement, the Dodgers said McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium, including its parking lots, for 150 million. "If they invested that much money, I'm sure they'll invest to get us a winner," said Tommy Lasorda, the Dodgers' retired Hall of Fame manager. "I wish them all the luck, and I admire them. I know both of them. I know Magic from the day he came into Los Angeles as a basketball player for the Lakers." The acquiring group, called Guggenheim Baseball Management, has several other investors, among them Mandalay Entertainment chief executive Peter Guber, Guggenheim Partners president Todd Boehly and Bobby Patton, who operates oil and gas properties among his investments. Kasten is the former president of the Atlanta Braves and Washington Nationals. "I am truly honored to have partnered with such talented individuals and to be associated with the Dodgers organization," said Walter. "We look forward to building upon the legacy of the Dodgers and providing long-term stability to one of the most revered franchises in baseball." The 52-year-old Johnson played 13 seasons for the Los Angeles Lakers, winning five NBA championships and three MVP awards in a Hall of Fame career. He retired from the NBA in 1991 after being diagnosed with HIV, the virus that causes AIDS. He briefly came out of retirement during the 1995-96 season and had a short stint coaching the Lakers. Since leaving basketball, he has been very successful in business, investing in movie theaters, a production company and restaurants. He has also been an activist in the fight against HIV. "I'm upset he didn't cut me in," current Lakers star Kobe Bryant said. "I'm going to have to talk to him about that." McCourt paid 430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the parking lots, from the Fox division of Rupert Murdoch's News Corp., a sale that left the team with about 50 million in cash at the time. The team's debt stood at 579 million as of January, according to a court filing, so McCourt stands to make hundreds of millions of dollars even after a 131 million divorce payment to former wife Jamie, taxes and legal and banking fees. Kasten is expected to wind up as the team's top day-to-day executive. The other two finalists were: -- Stan Kroenke, whose family owns the NFL's St. Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and Major League Soccer's Colorado Rapids. He also is majority shareholder of Arsenal in the English Premier League. -- Steven Cohen, founder of the hedge fund SAC Capital Advisors and a new limited partner of the New York Mets; biotechnology entrepreneur Patrick Soon-Shiong; and agent Arn Tellem of Wasserman Media Group. It remains to be seen whether Major League Baseball will challenge the deal in U.S. Bankruptcy Court in Delaware, where the case is before Judge Kevin Gross. Under an agreement reached by MLB and McCourt in November, a private auction was to be held among the finalists and McCourt was to select the winner by Sunday. The sales agreement is to be submitted to the bankruptcy court by April 6, ahead of a hearing seven days later, and the sale completed by April 30, the day McCourt is to make a divorce settlement payment. "This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community," McCourt said in a statement. The acquiring group would gain the ability to sell the Dodgers' local broadcasting rights starting with games in 2014. The Guggenheim group likely would use money gained from the rights sale -- or from the team's own network with outside investment -- and use those funds to pay down the acquisition debt. "The amount of leverage is a big question," said Marc Ganis, president of the Chicago-based consulting firm Sportscorp, which is not involved. "The likely scenario is that they have a broadcasting deal in mind so that they pay up now and pay themselves down from a big broadcasting upfront payment. "The problem with this strategy is that the more paid upfront by the broadcast deal, the less money is available for team operations. The more debt they take on, the more debt service is required, the less money that's available for team operations. With the only beneficiary being the man walking out the door. A challenging result that baseball tried to avoid." The current record for a baseball franchise is the 845 million paid by the Ricketts family for the Chicago Cubs in 2009. The Dodgers filed for bankruptcy protection in late June, just days before the team was expected to miss payroll. The filing came after baseball Commissioner Bud Selig refused to approve a 17-year agreement between the Dodgers and Fox's Prime Ticket subsidiary that would have been worth 2 billion or more. MLB feared McCourt would use about half of an intended 385 million cash advance to fund his divorce. Los Angeles finished third in the NL West last season at 82-79, had just three sellouts and fell short of 3 million in home attendance in a full season for the first time since 1992. There was some concern among MLB officials about the financing of the Walter bid because some of the money was coming from insurance companies that are owned by Guggenheim. A person familiar with the baseball owners' teleconference Tuesday said several team owners voiced that during the call. The person spoke on condition of anonymity because MLB did not make any announcements. "The problem there is a fundamental problem as you go into an auction, and that is the absolute reliance on other people's money," said Ganis. "It means a lot of regulators. It means either shareholders or, depending on which insurance companies it's coming from, the insured themselves." Kasten was hired as legal counsel of the Braves and the NBA's Hawks in 1976, and three years later became the NBA's youngest general manager at 27. He was promoted to president of the Braves and Hawks in 1986 and also became president of the NHL's Thrashers in 1999. After leaving the Atlanta teams in 2003, he became president of the Washington Nationals from 2006-10. Dodgers general manager Ned Colletti recently had dinner with Kasten in Glendale, Ariz., the team's spring training home. "He's very successful, very driven, relentless in his pursuit of excellence," Colletti said. "He's seen a lot and he's won a lot." The Dodgers have won six World Series titles but none since 1988, when they were still owned by the O'Malley family that moved the team from Brooklyn to California after the 1957 season. Fox bought the team in 1998, then sold it to McCourt. Colletti, whose baseball moves appear to have been constricted because of the team's financial problems, says the sale announcement brings "clarity." "It's time to turn the page and move toward a new chapter in the history of the Los Angeles Dodgers," he said.

Why Steph Curry can never, ever chuck his mouthpiece again

Why Steph Curry can never, ever chuck his mouthpiece again

Stephen Curry knows he asked for this one. Begged for it. Wanted it so bad he not only ripped his mouthpiece out of his face but also wound up and fired it in the direction of a game official.

He has to be, and likely is, pleased that the NBA wanted nothing more than a $50,000 bite out of his newly fortified paycheck.

“It was a dumb thing to do. Stupid,” he said after shootaround Monday morning. “Learn from it and try to move on and be better.”

It was not nearly enough for the league that Curry apologized immediately after the mouthpiece-tossing incident that got him tossed in the fourth quarter of the Warriors’ 111-101 loss to the Grizzlies on Saturday. Apologies don’t carry much weight in these matters and they are entirely weightless when it’s a second offense.

And that’s what this was, as you may recall Curry flinging his mouthpiece late in Game 6 of the 2016 NBA Finals at Quicken Loans Arena in Cleveland. He was tossed from that game, too.

Of more importance, and what Curry has to take away from this is that he can’t afford another offense. Ever. Though he surely can afford it monetarily, it would rob the Warriors of their offensive catalyst.

Throwing a mouthpiece once is a forgivable mistake. Doing it twice is a relapse that some may forgive while others definitely will not. Doing it three or more times falls into the selfish category, even if selfishness is not a characteristic fairly applied to the two-time MVP.

It’s conceivable that no one in the NBA gets pushed and grabbed and knocked around as much, without a whistle, as does Curry. Part of this is on him, for not being better at selling calls. Part of it is on officials who typically use a different standard for him than those usually set for MVP-caliber players.

Through it all, and it has gone on for years, Curry rarely says a peep. He plays on, simmering, but staying on task.

“I think people on the outside automatically think that these guys can control everything and be robots and score 35 and be perfectly composed,” Warriors coach Steve Kerr said Monday morning. “But they’re all human beings, just like the rest of us. There’s going to be times where you lose your mind. There’s going to be times where you get angry and times where you’re in perfect mental and you’re playing at a high level and everything is under control.

But nobody can keep that level 100 percent of the time.”

Curry’s actions Saturday in Memphis were only partly the result of the officiating. The Warriors were losing, again. Curry was committing silly fouls, again. It was a buildup of unfavorable events and he lost it.

“We were playing terrible,” Curry said Monday morning. “I was frustrated because I was fouling. I thought I got fouled on the last play. The reaction was definitely a little over the top.

“Stuff happens. I’m going to try to continue to be myself and show some fire, but do it in a way that doesn’t take away from the team and misrepresent who I am.”

Curry said Monday that he didn’t bother to review his actions because he knew how unbecoming they were. He also expressed regret about lashing out. There was no need to brace for the fine he knew was coming.

Next time, though it won’t be a fine that will take a fraction of his check. Next time, it’ll be a suspension that will take away a piece of the Warriors.

MLS respects timing more than dominance, so Quakes have a counterpuncher's chance

quakes-ratto.jpg
USATSI

MLS respects timing more than dominance, so Quakes have a counterpuncher's chance

The San Jose Earthquakes cheated the reaper Sunday, which is news in and of itself. I mean, they’re a playoff team so rarely that getting to a 35th game is quite the achievement, and they should not begin the arduous process of sobering up until Tuesday morning.

I mean, their playoff game with Vancouver is Wednesday night, so slapping themselves back into form is probably a priority.

They got an improbable stoppage time goal from Marco Urena Sunday against Minnesota to sneak through the back door into the final Western Conference playoff spot Sunday, their first appearance in the postseason in five years. It was as electrifying a moment as Avaya Stadium has seen since it opened, and one of the best goals in franchise history if only for its importance.

That said, the Quakes also enter the postseason with a losing record (13-14-7) and the worst goal difference (minus-21) for any playoff team in league history. They are the most cinder-based of the league’s Cinderella stories, and are dismissed with prejudice by most observers as being as one-and-done as one-and-done can be without being none-and-done.

This is a league, though, that has respected timing more than dominance. In 2016, the Montreal Impact finished last in the East and got to the conference final; in 2012, Houston (which was a relocated Quakes team) just snuck in to the postseason and reached the final; in 2005 and 2009, the worst (Los Angeles and Real Salt Lake) ended up first.

In other words, the Quakes’ pedigree, modest though it is, still allows it a counterpuncher’s chance. Its attack, which is third-worst in the league, playoffs or no, is matched by its defense, which is fourth-worst in the league. Their years as a de facto vehicle for Chris Wondolowski are coming to a close, sooner rather than later. They are in no way an elegant team. They are working on their second coach of the year (Chris Leitch).

But therein lies their mutating charm. Their postseason pedigree stinks, but there is a no compelling reason why they cannot cheat a result or two. After all, the lower scoring a sport is, the greater chance for an upset, and the Quakes’ history screams that no franchise could use one more.

So they head for Vancouver, a raucous crowd and a difficult side, carrying with them only their humble resume and the indomitable cheek demanded of the upstart. I mean, anybody in their right mind would much prefer the Whitecaps’ chances, but you gotta be who you gotta be.

Plus, the Quakes are getting a 35th game, which is more than they had a right to expect, all things considered.