Stan Kasten News
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Geek is chic in professional sports.
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The Los Angeles Dodgers’ new owners plan to spend $100 million or more to modernize the baseball club’s 50-year-old stadium after paying a record $2.15 billion for the team.
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Time Warner Cable Inc. has struck a deal with the Los Angeles Dodgers to broadcast the Major League Baseball team’s games, two people familiar with the matter said.
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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.
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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.
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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.
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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.
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News Corp.’s Fox Sports unit will sign a television deal with the Los Angeles Dodgers that’s worth $6 billion to $7 billion over 25 years, Deadline Hollywood said, without disclosing where it got the information.
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The Los Angeles Dodgers have shot out of bankruptcy and into the ranks of baseball’s biggest spenders, fueled partly by a secret agreement between former owner Frank McCourt and Major League Baseball that may limit the revenue the team is obliged to share with less prosperous clubs.
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When Mark Walter, the chief executive officer of Guggenheim Partners LLC, ran Chicago investment firm Liberty Hampshire Co., a junior associate asked in 1996 why he decided to accept money from outside investors.
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