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Caruso, Torre are Among the Potential New Owners

Representatives of Caruso Affiliated have confirmed that, as promised, developer Rick Caruso and former Los Angeles Dodgers manager Joe Torre have partnered to submit a formal bid to buy the Dodgers.

Bidding began this week for the Los Angeles Dodgers, and some well known local figures are looking to buy the team. (photo by Aaron Blevins)

The deadline to submit bids was Monday, and several groups and individuals reportedly submitted proposals. Among them are Dallas Mavericks owner, Mark Cuban, former Dodgers owner Peter O’Malley and Lakers’ great Magic Johnson.

Caruso and Torre had announced their partnership and intentions in a press release at the beginning of January. According to representatives of Caruso Affiliated, both have declined interview requests throughout the process.

“The Dodgers are an iconic Los Angeles franchise, and I am thrilled to partner with Joe Torre, one of baseball’s all-time greats, to launch a bid for this storied organization,” Caruso said in a statement. “Joe has a proven track record of fielding winning teams and I am looking forward to our group benefiting from his unique experience. I am a lifelong Angeleno; I love this city and have dedicated my career to creating world-class destinations that support this community and foster great customer experiences. Joe and I believe in the Dodgers and Dodger fans, and know that together we will foster a winning culture and deliver a premier, fan-focused baseball experience at Dodger Stadium.”

Torre, who managed the Dodgers from 2008 to 2010, stepped down as executive vice president for baseball operations for Major League Baseball in order to submit a bid to buy the Dodgers.

“I have great confidence in Rick Caruso’s unique qualifications and his ability to lead a successful bid for the Los Angeles Dodgers,” Torre said in a statement. “In Rick I found a partner who understands consumers and fully appreciates that the Dodgers are a treasured L.A. institution. Since moving to Los Angeles, I have seen firsthand Rick’s dedication to business and the people of Los Angeles. I am very excited about this new opportunity and also want to thank Commissioner [Bud] Selig and Major League Baseball for providing me with invaluable baseball operations experience over the past ten months.”

The bids, which will not be released, will be reviewed by current owner Frank McCourt and Blackstone, an investment and advisory firm with a location in Santa Monica. Eventually, they’ll be narrowed down, and a pool of potential bidders will be sent to Major League Baseball for pre-approval. Another round of bids, in which newcomers can submit proposals, will follow. McCourt will ultimately determine the new owner.

The bids were received just days after the Dodgers and its debtor affiliates filed a Chapter 11 Bankruptcy reorganization plan. According to a statement, the plan resolves the Dodgers’ financial challenges through a sale of all the equity of the Dodgers, which will result in a change of ownership. All creditor claims will be paid in full by new owners or by cash proceeds from the sale of the team.

“The Dodgers are fully committed to maximizing the value of the debtors’ estates,” team officials said in a statement. “The Dodgers are not only a storied franchise with truly global appeal, but also present the attractive potential for strong cash flow and significant value enhancement. The combination of these unique attributes is helping to drive significant interest from potential bidders in the Dodger sale process. The Dodgers expect to identify the highest and best bid prior to the confirmation hearing, which is anticipated to be in April.”

Tags | Joe Torre, Los Angeles Dodgers, Rick Caruso