L.A. Dodgers Said Valued at $2.5 Billion in Minority Stake SaleBy
Major League Baseball team’s owners won’t surrender control
Team was bought in 2012 for $2.15 billion from Frank McCourt
The owners of the Los Angeles Dodgers say the team is now worth $2.5 billion, according to people with knowledge of the effort to sell a minority stake in the baseball club. They asked to be anonymous because the matter is private.
The Dodgers’ six owners -- Mark Walter, Todd Boehly, Bobby Patton, Magic Johnson, Peter Guber and team Chief Executive Officer Stan Kasten -- bought the team in 2012 for $2.15 billion, making it the first professional sports team to sell for more than $2 billion.
Widely considered the most valuable team in baseball after the New York Yankees, the Dodgers benefit from a rich local TV deal. Time Warner Cable, now owned by Charter Communications Inc., bought the team’s broadcast rights in 2012 for $8.3 billion over 25 years.
The deal set a new high-water mark and rattled many cable and satellite providers. At an average $340 million a year, the Dodgers earn more than double the next closest teams, the Los Angeles Angels of Anaheim and Texas Rangers, which each get about $150 million a year. Next is the Seattle Mariners, who get about $115 million.
There’s no timetable for the Dodgers to add an investor. The owners haven’t decided how big a stake they will sell, only that they won’t surrender control of the club. New York-based Galatioto Sports Partners to manage the sale process.
Galatioto Sports Partners founder Sal Galatioto and Kasten declined to comment on the team’s valuation.