Speaking for every Dodger fan, this is a great day. Frank McCourt and his mess are gone. Magic Johnson being the face of the new ownership is just another 5 layers added to the cake. It is wonderful news. Magic loves LA and I know he will do his best to bring our franchise back to the top. That being said, we must be cautious with our expectations. The majority of the money, it seems, is coming from Guggenheim Partners. For most of us unfamiliar with Guggenheim, their front page on their website explains all we need to know. It reads as follows:
Guggenheim Partners is a privately held global financial services firm with more than $125 billion in assets under management. We provide asset management, investment banking and capital markets services, insurance, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals.
In other terms, this is a group out to make money. They don’t make bad investments and know what they’re getting into. They expect to make money from the Dodgers and probably already have a plan laid out on how to do that. No one, not even a firm with $125 billion in assets under management, would just invest $2 billion on the anything without knowing the return. A big source of revnue could be a huge new TV deal, or even a Dodgers TV station. The ammount of money this would bring in would be tremendous and could more than double the $2 billion value of the Dodgers. While we are now aware that the financial backers of the Dodgers have money, we can only hope that they will be willing to spend it. Having money and spending money are two very different things. It will become apparent within the next year or so, how much Guggenheim is willing to spend on team, and we must reserve our judgement until then.
What does this all mean for the Dodgers? It means that they can finally pull themselves out of the hole that McCourt dug. They can start to move in the right direction. Having Magic Johnson as the face of the ownership will be huge, especially in getting free agents to come to LA. There is no bigger, more liked person in LA than Magic. He wants to be a part of the free agency recruitment process. With his business sense and likeable personality he can be a huge help in luring big name free agents to the big market that is LA. It also means that current GM, Ned Colletti, could be reaching the end of his road. While he has been able to get Kemp and Kershaw under contract, trade for Ethier, and make a few other good signings, he has also made a lot of major mistakes. Big contracts for Andruw Jones and Juan Pierre are a few of those mistakes. The ownership has already stated they will wait to see how this year goes before making any changes, but his leash will be very short.
There is not much we really know at the moment. We can only hope that the new ownership brings back the glory days and takes us out of the dark cloud we have been under the last few years. We can’t let our expectations get too high, but we should rejoice. The end of McCourts reign over the Dodgers has finally ended. The sun is already starting to shine through those clouds. Only a matter of time before it’s a perfect southern California day again.