This Day In Dodgers History: Guggenheim Baseball Management Buys Team From Frank McCourt

On May 1, 2012, Frank McCourt officially sold the Los Angeles Dodgers to Guggenheim Baseball Management for a then-record $2 billion.

The sale price shattered the $1.47 billion Malcolm Glazer paid for English soccer team, Manchester United, in 2005. However, hedge fund manager Steve Cohen then broke the Dodgers’ record by purchasing the New York Mets for $2.4 billion in 2020.

McCourt bought the Dodgers from NewsCorp in February 2004 for $420 million, though in a deal that was heavily financed. He initially decided to sell the Dodgers to Guggenheim during the final week of March 2012, and the new ownership group was formally introduced at Dodger Stadium on May 2.

Then-commissioner Bud Selig announced in April 2012 that MLB was taking over operations of the Dodgers and appointing a trustee. Selig and McCourt traded public barbs as the Dodgers were dragged into bankruptcy before the two reached an agreement on terms to sell the team.

The Guggenheim group was headed by principle owner Mark Walter and included team president and CEO Stan Kasten, along with part-owners Todd Boehly, Peter Guber, Magic Johnson and Bobby Patton.

Upon officially taking control of the franchise, Guggenheim immediately moved to inspire faith from the fanbase and get the team back on a competitive path. One of their more splashy acts was a trade with the Boston Red Sox in August 2012 that saw the Dodgers take on more than $250 million in salary.

Dodgers success under Guggenheim

Since the ownership change in 2012, the Dodgers have been to the postseason nine times in 10 seasons, won three National League pennants (2017-18, ’20) and the 2020 World Series championship.

They have additionally become a model franchise and enjoyed consistency in leadership with president of baseball operations Andrew Friedman and manager Dave Roberts.

The Dodgers ownership group has also expanded since the initial purchase of the team. It now includes Billie Jean King and Ilana Kloss, who joined in 2018 as minority stakeholders, and in 2019 Alan Smolinisky and Robert L. Plummer were added as part-owners as well.

Are you following Dodger Blue on Instagram? It’s the best way to see exclusive coverage from games and events, get your questions answered, and more!