GaryMrMets
03-03-2003, 11:42 PM
Report: Checketts Lining Up Financing to Buy Dodgers
.c The Associated Press
LOS ANGELES (March 3) -- Former New York sports executive David Checketts has assembled part of the financing for his $620 million bid to buy the Los Angeles Dodgers, according to the Los Angeles Times.
The paper reported Monday that Checketts has gained a commitment from billionaire financier George Soros, who has agreed to put up less than $100 million in equity in what would be his first investment in a sports franchise.
The Times, citing anonymous sources, also said Checketts has lined up two banks and is seeking a third to secure financing of $300 million. The Times reported the two banks are said to be J.P. Morgan Chase & Co. and FleetBoston Financial Corp.
Even with those commitments, however, Checketts remains more than $200 million short of his financing goal, sources told the newspaper.
While News Corp., the team's owner, may be willing to sell the Dodgers, it does not went to sell the television network that carries Dodgers' games. Checkett's bid would include the network.
Checketts did not return a telephone call Monday seeking comment. The commissioner's office says neither Checketts nor the Dodgers have approached it about starting a sales process.
The Times reported Monday that Checketts did not return phone calls and officials with Soros Fund Management would not comment on its investment activities. News Corp. also would not discuss the negotiations and the two banks could not be reached for comment.
Soros, a naturalized American born in Hungary, has amassed a fortune estimated at nearly $7 billion. The financier and philanthropist is the largest shareholder in JetBlue Airways, which is directed by Checketts.
Checketts started in professional sports with the Utah Jazz. In 1994, he was appointed to run Madison Square Garden, which oversees the New York Knicks and New York Rangers.
News Corp. bought the Dodgers from the O'Malley family in 1997 for a then-record $310 million.
03/03/03 20:41 EST
Copyright 2003 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.
.c The Associated Press
LOS ANGELES (March 3) -- Former New York sports executive David Checketts has assembled part of the financing for his $620 million bid to buy the Los Angeles Dodgers, according to the Los Angeles Times.
The paper reported Monday that Checketts has gained a commitment from billionaire financier George Soros, who has agreed to put up less than $100 million in equity in what would be his first investment in a sports franchise.
The Times, citing anonymous sources, also said Checketts has lined up two banks and is seeking a third to secure financing of $300 million. The Times reported the two banks are said to be J.P. Morgan Chase & Co. and FleetBoston Financial Corp.
Even with those commitments, however, Checketts remains more than $200 million short of his financing goal, sources told the newspaper.
While News Corp., the team's owner, may be willing to sell the Dodgers, it does not went to sell the television network that carries Dodgers' games. Checkett's bid would include the network.
Checketts did not return a telephone call Monday seeking comment. The commissioner's office says neither Checketts nor the Dodgers have approached it about starting a sales process.
The Times reported Monday that Checketts did not return phone calls and officials with Soros Fund Management would not comment on its investment activities. News Corp. also would not discuss the negotiations and the two banks could not be reached for comment.
Soros, a naturalized American born in Hungary, has amassed a fortune estimated at nearly $7 billion. The financier and philanthropist is the largest shareholder in JetBlue Airways, which is directed by Checketts.
Checketts started in professional sports with the Utah Jazz. In 1994, he was appointed to run Madison Square Garden, which oversees the New York Knicks and New York Rangers.
News Corp. bought the Dodgers from the O'Malley family in 1997 for a then-record $310 million.
03/03/03 20:41 EST
Copyright 2003 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.