Frank McCourt To Sell Dodgers, But Can Keep Dodger Parking Lots
|Frank McCourt: When you control the parking, you control the world|
But we should have known better. Like an unkillable zombie, McCourt simply refuses to go away.
Under the terms of his agreement with Major League Baseball, McCourt will get to hold onto the parking lots surrounding Dodger Stadium. The agreement, posted below, was filed publicly last night and was first reported by the L.A. Times' Bill Shaikin. (Does that guy ever sleep?)
In all likelihood, the new owner will have to lease the parking lots from McCourt, providing him a reported $10 million annual revenue stream. McCourt will also have the right to develop the parking lots. Think shopping, dining, entertainment -- maybe even a football stadium. Bottom line: McCourt is not going anywhere.
What if the new Dodger owner doesn't want McCourt as a landlord? Too bad. McCourt gets to decide who buys the team. If he wants to hang onto the parking lots -- and he's been known to hang onto things with white-knuckle ferocity -- then you can bet he'll select a bidder who is OK with that.
Is there no hope at all? Well, there's at least an outside chance that the bidders will form a united front and simply refuse any deal that doesn't include the parking lots. But in all likelihood, at least one bidder will opt to play ball with him.
So if you're looking for a clean break from McCourt, get ready to be disappointed.
MLB Dodgers Settlement Agreement