Brunswick Group is guiding communications for the ownership group led by Magic Johnson which March 27 inked a deal worth $2.15 billion to buy the financially troubled Los Angeles Dodgers.
Guggenheim Baseball Management, named for the Chicago financial firm Guggenheim Partners which financed the deal, is paying the largest price ever for a professional sports team. The group edged two other bids and all were approved by Major League Baseball’s owners.
Brunswick New York partner Tripp Kyle, a former Finsbury hand, is heading the Guggenheim work for the firm.
“I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by [current owner] Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles,” Johnson said in a statement. He is joined by former baseball exec Stan Kasten and film producer Peter Guber in the group.
Kekst and Company has handled PR for the Dodgers franchise through the financial turmoil of the past year. The Dodgers are currently in bankruptcy after piling up an estimated $600M in debt and a contentious divorce between McCourt and his wife, Jaime.
The sale of the team, which includes a $150M joint venture between Guggenheim and Frank McCourt for the parking lots and land around Dodger Stadium, is subject to judicial approval.
Forbes, which estimated the team’s worth at $800M in 2011, reported today that McCourt could come out more than $800M ahead if the deal is completed, despite the debt burdens of the team and a $130M divorce settlement.
McCourt, a successful parking lot developer in Boston, bought the team in 2004 for $430M from News Corp.