Several news agencies including Forbes has reported that a group of Chinese investors have offered a $1.2 billion all-cash bid for the Los Angeles Dodgers. The funding to buy the Dodgers, which declared for bankruptcy earlier this year, would come from Chinese state-owned enterprises.
The bid is headed by Los Angeles Marathon founder Bill Burke and funded in part by unidentified Chinese state-owned investment institutions and others.
According to the Times, the bid terms proposed by the Burke group call for an all-cash payment to buy the Dodgers, all real estate related to the team and the team’s media rights. Attorneys for McCourt have said he could try to keep Dodger Stadium and the surrounding parking lots.
The bid expires in 21 days, with the goal of closing a deal within 90 days, subject to the approvals of the bankruptcy court and Major League Baseball.
The Times story says that the previous record sale price for a major league franchise is $845 million, set two years ago when the Ricketts family bought the Chicago Cubs from Tribune Co.