Former Microsoft Corp. Chief Executive Officer Steve Ballmer agreed to buy the Los Angeles Clippers for a record $2 billion as the wife of Donald Sterling pushed through the sale without gaining the approval of the embattled owner.
The Los Angeles Dodgers’ acquisition of the Boston Red Sox’s three highest-paid players last month fit the team’s business model, Stan Kasten, Dodgers chief executive officer, said at the Bloomberg Sports Business Summit hosted by Bloomberg Link in New York.
The Los Angeles Dodgers’ new ownership group is confident about making a return on its record $2.3 billion investment and the addition of All-Stars Hanley Ramirez, Adrian Gonzalez, Josh Beckett and Carl Crawford fits into that plan, Chief Executive Officer Stan Kasten said.
Magic Johnson’s winning $2.3 billion offer for the Los Angeles Dodgers probably was fueled by what one sports economist called a “wild bidding process” that will unfold between Time Warner Cable Inc. and News Corp.’s Fox Sports for the Major League Baseball team’s broadcast rights.
The new owners of the Los Angeles Dodgers will need more than great play on the field to justify the record $2.15 billion they paid for the baseball team. They may need to transform the real estate surrounding Dodger Stadium into a money maker, succeeding where their predecessors failed.