Just in time for baseball season, we have a red-hot auction.
The Los Angeles Dodgers received “multiple bids” worth $1.2 billion to $1.5 billion, according to the Wall Street Journal.
Steve Cohen, Stan Kroenke, Jared Kushner and Magic Johnson are among the remaining bidders for the Dodgers, Forbes is reporting. Marc Utay, the financier, and Leo Hindery have also made it, sources say, while the Los Angeles Times is reporting that Stanley Gold and the family of the late Roy Disney are vying for the team. The LA Times says there are seven remaining groups trying to buy the Dodgers.
Private equity was expected to be a major player in the auction. KKR, Thomas H. Lee Partners and Providence Equity Partners were interested in joining the remaining groups, according to Forbes.
It’s not clear whether the PE firms are involved, although the Blackstone Group is advising on the process. Utay is also the managing partner of Clarion Capital Partners. Utay and Hindery tried unsuccessfully to buy the Chicago Cubs in the past.
There is still “another round” left in the process, one person says. MLB is expected to conduct a “multi-layer review” of the remaining bidders, the L.A. Times says. MLB will tell Frank McCourt, who owns the Dodgers, which bidders have been approved by mid-to-late March. McCourt will then hold a final round of bidding before picking a winner, the story says.
The sale of the team is expected to be completed by April 30.