Tag:Mark Cuban
Posted on: January 30, 2012 6:06 pm
Edited on: January 30, 2012 6:35 pm

Cuban explains losing out on Dodgers

By Matt Snyder

Dallas Mavericks owner Mark Cuban has now swung and missed three times on owning a baseball franchise. Cuban's latest attempt to join the MLB ranks was with the Dodgers, currently up for sale from Frank McCourt's ownership. Cuban was among the names eliminated from the preliminary bidding and is not a finalist. He spoke to Access Hollywood about why, and it sounds like he didn't want to move on as a finalist.

Dodgers in transition
“It just didn’t work out. I wanted to buy a baseball team; they were selling a media rights deal," Cuban said (Access Hollywood), alluding to the fact that the Dodgers' TV rights are up for sale and obviously a big part of the purchase price.

He then elaborated (Access Hollywood): “The economics got so out of control because the Dodgers’ TV deal’s up for bid and so there’s a lot of groups coming in going, ‘This TV deal’s worth so much money that we’re gonna pay whatever it takes to get the Dodgers.’ And so they’re buying the TV rights deal first and the team second,” Mark said.

It's a bit of a head-scratcher to come at it from this angle, because buying a baseball team is a huge package deal. Every team has TV rights. If they didn't, revenues would be a lot lower. Basically, Cuban's bid was far too low and he thinks the other bids are too high.

But anyway, that's Cuban's story. He's out. The biggest names left in the bidding are Magic Johnson, Rick Caruso (Joe Torre's group), Steven Cohen and the Disney Family.

Hat-tip: Bill Shaikin on Twitter

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Posted on: January 30, 2012 1:05 pm
Edited on: January 30, 2012 1:06 pm

Korean company among Dodgers bidders

By C. Trent Rosecrans

Korean retailer E-Land leads a consortium that is on the short list of Dodgers bidders, Yohap News Agency reported on Monday (via Reuters).

This weekend, the Los Angeles Times reported that at least eight bidders had advanced from the more than 12 initial bids. Already out include Mark Cuban, as well as the group including Steve Garvey and Orel Hershiser.

Dodgers in transition
Joining the Korean group in on the bidding is thought to believe a group led by Magic Johnson, another led by real estate developer Rick Caruso (that includes Joe Torre) and another by hedge fundmanager Steven Cohen.

The total cost is expected to be at least $1.5 million.

Major League Baseball has agreed to approve as many as 10 bidders, with Frank McCourt revealing the winning bid by April 1.

The Korean company wouldn't be the first Asian owners in baseball, Nintendo owns the Seattle Mariners.

Baseball is popular in Korea and its national team reached the finals of the last World Baseball Classic, losing to rival Japan in the championship game. Los Angeles also has a huge Korean American population -- more than 300,000, according to the 2009 American Community Survey.

The Dodgers also signed Chan-Ho Park, who was the first South Korean-born player in big league history when he debuted with Los Angeles in 1994.

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Posted on: January 28, 2012 11:13 am
Edited on: January 28, 2012 1:07 pm

Dodgers narrow bidding list; Cuban out

By Matt Snyder

The field of potential next Dodgers owners has been narrowed, and the list no longer includes Mark Cuban, reports Bill Shaikin of the Los Angeles Times. The Associated Press reports Cuban refused to say whether he was in or out while at his Mavericks' game Friday night. UPDATE: Shaikin has now tweeted that the Garvey-Hershiser group is also out of the bidding.
Dodgers in transition

Shaikin also has reported that "at least eight bidders have advanced in the bidding and are being called finalists (latimes.com), including the groups led by former Lakers superstar Magic Johnson, real estate developer Rick Caruso (his group includes Joe Torre) and hedge fund manager Steven Cohen.

The initial bids -- from more than 12 groups -- were submitted Monday to the financial firm handling the sale by current owner Frank McCourt.

"Each of the preliminary bids has been reviewed carefully by the Dodgers and its financial adviser Blackstone. Blackstone is notifying all of the bidders as to which ones will and which ones will not advance in the sales process," the Dodgers said in a statement.

"The preliminary round of bidding has underscored the robust nature of the sales process, the significant purchase opportunity which the Dodgers represent, and the enormous value that the sale of the Dodgers, including their media assets, will generate."

McCourt put the team in bankruptcy last year and reached an agreement with Major League Baseball to sell the team by April 30, the deadline for him to make a $131 million divorce payment to former wife Jamie McCourt.

CBSSports.com insider Jon Heyman reports that he's heard at least one bid is in the $1.5 billion range, so McCourt could end up approaching a sale price of $2 billion before it's all said and done.

Major League Baseball has agreed to approve up to 10 bidders while McCourt has agreed to reveal the winning bidder by April 1.

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Posted on: January 23, 2012 2:44 pm

Sorting through potential Dodgers bidders

By Matt Snyder

With the wildly unpopular Frank McCourt headed out the door, the Los Angeles Dodgers are for sale. Bids are actually due Monday and McCourt has agreed to make a decision by April 1.

Via Bill Shaikin of the Los Angeles Times, here is a list of the prospective bidders:

Magic Johnson/Stan Kasten: Kasten has been president of the Braves and is the Nationals' current president. And we all know what Magic means to L.A.

Joe Torre/Rick Caruso: The former Dodgers manager and current vice president of the MLB heads up the group.

Steven Cohen/Arn Tellem: Cohen, a hedge fund manager, is one of the richest men in America while Tellem is a high-profile agent.

Mark Cuban: The Dallas Mavericks owner finally got his championship last NBA season, so maybe it's time to get an MLB team? Note that he's tried in the past -- most famously with the Cubs -- to buy a team. It's just that past reports have indicated Bud Selig and several other owners don't want Cuban to join their club.

Tom Barrack: Shaikin reports Barrack has owned a japanese baseball team and a french soccer team in the past.

Ron Burkle: While he can't match Cohen, Burkle is also a member of the Forbes 400, sporting an estimated net worth of $3.2 billion. He's a part owner of the NHL's Pittsburgh Penguins.

Stanley Gold/Disney family: Gold is the president and CEO of Disney's private investment company. The Disney name doesn't really need any further explanation.

Peter O'Malley: The former Dodgers owner apparently wants back in.

Tony Ressler: He's an investor and minority owner of the Brewers.

Dennis Gilbert: The former agent lost out on the bidding for the Rangers.

Alan Casden: He's a self-made real estate developer in Beverly Hills, so that seems like a good fit. Shaikin reports, however, that "MLB wasn't comfortable" with Casden last time he placed a bid on the club.

Tom Golisano: He used to own the Buffalo Sabres of the NHL.

Fred Claire: He was the GM of the Dodgers from 1987-1998.

Steve Garvey/Orel Hershiser: Baseball fans are obviously familiar with the Dodgers connection here.

Fox or Time Warner: We know the TV money is big, but Shaikin reports neither group really wants the team -- they just don't want the other side to buy the team. So each might bid. Try untangling that web of logic.

The Field: The bidding process is not public, so it wouldn't be a total shock of the eventual Dodgers owner was a group or person not on this list.

While it's hard to tell how this entire process will shake out, it has to be a relief to Major League Baseball and Dodgers fans that the next owner is simply going to be ABFM (Anyone But Frank McCourt).

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Posted on: December 2, 2011 11:04 am

Mark Cuban still interested in Dodgers

Mark Cuban

By C. Trent Rosecrans

Like he did when the Rangers were for sale, Dallas Mavericks owner Mark Cuban says he'll join the bidding for the Los Angeles Dodgers, which could begin next week, according to the Los Angeles Times.

According to the report, the investment bank in charge of the sale is expected to provide prospective buyers financial data in a bid book, and Cuban told the newspaper he "will see a book."

Cuban had recently said he was interested in the Dodgers, but not at the reported $1 billion price tag.

That price was floated before Frank McCourt reached a settlement with Major League Baseball that would allow him to sell the team, but keep ownership of the parking lots at Dodger Stadium.

Cuban has long been the pipe dream for Dodgers fans, dreaming of new ownership to replace McCourt. That said, it could be interesting to see how Major League Baseball would deal with Cuban, who is probably the most outspoken owners in American sports. He's been repeatedly fined for comments and actions by NBA commissioner David Stern, and if there's one thing we know about Bud Selig, it's that he doesn't like his owners stepping out of line. However, Selig has repeatedly said he'll leave his spot as commissioner when his contract runs out after the 2012 season. While not many believe that, the recently completed collective bargaining agreement could signal the end of Selig's reign. By the time Cuban took over, he may be someone else's problem.

Cuban bid on the Rangers last season and had also pursued the Cubs, when that franchise was for sale. Cuban recently said he wasn't interested in buying the Braves, if they were for sale, telling the Atlanta Journal-Constitution that he preferred "franchises that need a lot of help."

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Posted on: November 19, 2011 4:30 pm
Edited on: November 19, 2011 4:31 pm

Mark Cuban isn't interested in buying Braves

Mark Cuban

By C. Trent Rosecrans

The Braves aren't for sale, but even if Liberty Media decides to sell, Mark Cuban isn't interested in buying the team.

"I like franchises that need a lot of help," Cuban told David O'Brien of the Atlanta Journal-Constitution in an e-mail on Saturday. "The Braves have a great franchise."

The owner of the NBA's Dallas Mavericks bid on the Texas Rangers last year and expressed interest in the Cubs in 2009. He recently said he's not interested in paying more than a billion dollars for the Dodgers.

Liberty Media bought the team in 2007 from Time Warner and as part of that agreement must retain ownership until at least the current collective bargaining agreement expires on Dec. 11. Forbes magazine valued the Braves at $482 million in March, putting them 13th out of 30 teams. Liberty Media is headquartered in Colorado and locally in Atlanta it is seen as a disinterested owner, the opposite of the "gold old days" when Ted Turner owned the team.

The AJC ran a reader poll asking fans if they'd like to see Cuban buy the team and 95 percent answered yes.

"I'm flattered by the fans' response," Cuban wrote to O'Brien. "While I respect the amazing tradition and history of the Braves, and ATL is a great sports town, it's not a franchise I would pursue."

Dodgers fans were hopeful Cuban would buy their team, but he's balked at the asking price -- but that could be a negotiating tactic. Despite Cuban's interest, there's also the question of whether commissioner Bud Selig would allow the outspoken Cuban in the club of team owners.

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Posted on: November 1, 2011 9:17 pm

Mark Cuban tried to buy Dodgers


By Evan Brunell

Mark Cuban, whom many have seen as a savior if only baseball would allow him to buy a team, tells the Los Angeles Times that he looked into buying the Dodgers only to balk at the asking price.

Current owner Frank McCourt, who may be close to reaching a settlement with MLB to sell his team and emerge from bankruptcy, valued the club at $1 billion to $1.2 billion, causing Cuban to pass.

"At that price, I wasn't interested," Cuban said. He later added that should the price come down, he would be interested in purchasing the team. However, that price is expected to be met in any settlement or sale of the team. The assets being sold aren't just the team itself, but Dodger Stadium and additional assets, such as parking lots around the stadium. McCourt's attorneys valued the whole price at over $1 billion in recent court filings. Forbes valued the assets at $800 million in March.

Cuban missed out on buying the Cubs and then lost out on the Rangers in a bankruptcy auction in the summer of 2010. Nolan Ryan's group eventually bought the Rangers for $593 million.

"I don't think the Dodgers franchise is worth twice what the Rangers are worth," Cuban said, also noting that stadium renovations would affect any sale price. Cuban ticked off stadium renovation, losing luxury-suite customers to an expected NFL team in Los Angeles and the absence of a salary cap as an impetus toward owning a baseball team. Cuban says that if the sale price is too high, he would pass because it would compromise his ability to invest in the team.

However, the new owner of the Dodgers is going to be able to negotiate a new television deal. McCourt had previously agreed to a $3 billion deal with Fox Sports before commissioner Bud Selig rejected the deal, sparking the situation McCourt and the Dodgers find themselves in today. Cuban did admit that a new TV deal, which could fetch even more money, could help, but would not want to borrow against that money to finance the team -- something McCourt has no problem doing, as well as borrowing to finance his own divorce and personal assets.

"I don't want to be in a position to have a lot of debt," Cuban said. "Those would be dollars that could not be used to put together a winning team."

And yet, we now see that he's tried to own a baseball team three separate times, so the desire is clearly there. The Dodgers would be a fantastic get for Cuban as one of the most storied franchises in sports. The investor currently owns the Dallas Mavericks, which won the NBA championship last season.

Read more McCourt coverage from Eye on Baseball.

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Posted on: July 18, 2011 10:38 am
Edited on: July 18, 2011 1:19 pm

Maher to Cuban: 'Please buy the Mets'

By Matt Snyder

Mark Cuban has long been a popular owner among fans, but ever since the Mavericks won the NBA Championship, it seems nearly every fan base clamors for him as an owner. Mets fan and comedian Bill Maher is no different. Recently, Cuban was on Real Talk with Bill Maher on HBO. Maher, a Mets fan, noted Cuban's potential interest on becoming an owner of the Dodgers, but asked him to "please buy the Mets."

Now, with David Einhorn coming on board for the Mets, it's hard to see a complete ownership change. Still, it just goes to show how universally wanted Cuban is becoming as an owner.

Watch the short clip below.

Mark Cuban on Real Time by yaysarcasm

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The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or CBSSports.com