South Korea Retailer E-Land Joins Group to Bid for L.A. Dodgers
South Korean apparel retailer E-Land is part of a group that has made a bid for Major League Baseball’s Los Angeles Dodgers, a company spokesman said.
Closely held E-Land is providing financial backing for Peter O’Malley’s bid to buy back the Dodgers, the Los Angeles Times reported, quoting two people familiar with the team’s sale process who requested anonymity.
O’Malley, a former owner of the Dodgers, has had discussions with Tony Ressler, a minority owner of the Milwaukee Brewers and chairman of New York-based Ares Capital Corporation (ARCC), the newspaper also said.
Kim Dal Hyun, a spokesman for E-Land, confirmed in a phone interview that the group has bid without giving details about its members.
Current owner Frank McCourt agreed with MLB to sell the Dodgers, who filed for bankruptcy in June. The sale must be finished by April 30, and the team said in a court filing last year that it may sell for $1 billion or more.
Other potential bidders for the team include Rick Caruso, the Los Angeles real estate developer who is working with former Dodgers and New York Yankees manager Joe Torre; hedge-fund manager Steve Cohen of SAC Capital Advisors LLC in Stamford, Connecticut; and Mark Walter, chief executive officer of Guggenheim Partners LLC in New York, who counts Magic Johnson, the former Los Angeles Lakers player and a basketball Hall of Famer, among his partners.
E-Land has 27 units in areas including retail, fashion and construction. One of its businesses, E-Land Ltd., a clothing company, had sales of KRW 423 billion ($376 million) in 2010, according to its annual report.
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