Dodgers on the Block for $1.2 Billion

Tomahawk, WI 9/2/2011 (PennyPayDay) – Bill Burke and certain other investors have offered Los Angeles Dodgers baseball team owner Frank McCourt $1.2 billion for the bankrupt team, a Los Angeles Times report said, citing two people familiar with the contents of an offer letter.

The bid from Burke -- who founded the Los Angeles Marathon -- calls for an all-cash payment to buy the Dodgers including related real estate and media rights, the report said.

McCourt has discussed the sale of at least a part of the Dodgers with at least two other parties, the report said citing an unnamed person familiar with the matter.

The bid, led by Burke and funded in part by Chinese investors, is set to expire in 21 days and aims to close the deal within 90 days, the report said.

Representatives for Burke and McCourt both declined to comment on the Los Angeles Times report.

The Dodgers filed for Chapter 11 protection in June after a failed $3 billion deal for future television rights.

In August, the team reached an agreement to accept as much as $150 million in loans from Major League Baseball to keep the team afloat as it works its way through bankruptcy.

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