Apr 16, 2012
The Los Angeles Dodgers were sold for more than two billion dollars, twice the previous record sales price for a sports team.
The Dodgers had been driven into bankruptcy by their previous owner, Frank McCourt. Over four years, he and his wife were paid 108 million dollars by the Dodgers, but didn't pay a dime in federal, state and local taxes. The McCourts bought four mansions, a 12-million-dollar swimming pool, a private jet, a $10,000 per month hairstylist, etc.
It was business as usual. As L.A. Times columnist, Michael Hiltzik, remarked, “The history of baseball ownership is a brimming cauldron of con men, hacks, racists, cheapskates and bankrupts.”
Enter the new owners, Guggenheim Sports Management, which is run mainly by the Guggenheims, old money that today makes billions managing big investment funds and insurance companies that rip off the economy. Magic Johnson, the former basketball star, and a couple of Hollywood tycoons are also part of the owner group. Owning the Dodgers will put them in an excellent position to repeat what the McCourts did. And they intend to “develop” the Chavez Ravine area around the stadium, allowing them to raid the city treasury through big tax breaks and subsidies.