Magic Johnson's Bid to Buy Los Angeles Dodgers Concerns League, Owners

Team owners and the league are concerned due to the lack of details about the sale of the Los Angeles Dodgers to the Guggenheim Baseball Management group headlined by Magic Johnson.

Sports Illustrated's Tom Verducci reports on the slow-moving process around the upcoming sale: 

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Several individual owners have joined baseball officials in questioning why the Guggenheim group...has not filed a more detailed Purchase and Sale Agreement more than a week after the group was selected...concern mounts about how the deal is financed and especially if McCourt stands to continue to profit from Dodger-related operations under the new ownership.

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One owner spoke with commissioner Bud Selig and expressed concern, but was optimistic that a deal would still get done. Per Verducci's story, "Not having a purchase and sale agreement is scary, but I personally think they will close [the deal]."

At the heart of the concern is a lack of a detailed Purchase and Sale Agreement that would spell out where the money is coming from and who stands to benefit from baseball-generated revenue. 

The group did submit a short-form agreement, but it was lacking a great deal of information that is pertinent to MLB. 

Verducci continues with the fear that the group may be coming in well above its head, creating another situation where debt is acquired the instant of purchase. 

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Though MLB approved the Guggenheim group as a finalist, it was concerned about the amount of "institutionalized" money it presented in its initial bid, according to one owner. Some of the money is expected to come from insurance companies Guggenheim controls. MLB prefers individual investors, especially local ones.

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As the report establishes, MLB still holds the right to review the final sale if the purchase is "significantly" altered from the original bid. 

The current sale price is approximately $550 million more than the original bid. 

For Dodgers fans, the troubling issue may be how involved Frank McCourt will be after the sale is finalized. The embattled owner was seen on Opening Day with the new face of the franchise, Lakers legend Magic Johnson. 

The two were at PETCO Park to watch the Dodgers and San Diego Padres open play. McCourt remains the owner until a sale is approved. 

The report mentions that the judge overseeing the bankruptcy proceedings is still hopeful this can all be handled by April 30th. 

Terms of the sale are expected to be filed in bankruptcy court as early as Friday, giving far more insight into this cloudy situation. 

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