Thursday, September 01, 2011

Burke Offers $1.2Billion for Dodgers

Yes, Please let this happen sooner than later. Just about anyone is better than the McCourts. Via Bill Skaikin of the LA Times we learn that Bill Burke has offered $1,200,000,000.00 for the Dodgers.
The bid terms proposed by the Burke group call for an all-cash payment to buy the Dodgers, all real estate related to the team and the team's media rights, according to the letter. Attorneys for McCourt have said he could try to keep Dodger Stadium and the surrounding parking lots even if he sold the team.

The bid would expire in 21 days, according to the letter, with the goal of closing a deal within 90 days, subject to the approvals of the bankruptcy court and Major League Baseball.
It sounds like a Letter of Intent was submitted with a drop dead date 3 weeks out. This is certainly not a firm expiration date, nor does it appear that it was an offer filled with specifics. Still, this offer would probably work as a guideline for future negotiations towards a mutually acceptable agreement.

Check out a fairly detailed biography of Bill Burke at the South Coast Air Quality Management District. He is currently the Governing Board Chairman, and more importantly is a local guy with strong ties throughout the community.

UPDATE: From what I read from the Times article, the Chinese connection is related to the financing of the deal. I do not get the impression, at all, that Burke is a front for Chinese investors. In fact, the article states
"the letter did not specify who would finance the Burke bid, other than to say the money would come from "certain state-owned investment institutions of the People's Republic of China" as well as unidentified American investors"
So, a foreign bank (think a Chinese version of Goldman Sachs) would provide the debt, but not necessarily control the team.

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