L.A. Dodgers Bankruptcy Auction

The Los Angeles Dodgers' plan for the baseball team to get out of bankruptcy by the end of April includes the payment of all debts after auctioning off the MLB franchise.

The Dodgers will pay all creditors in full after the sale of the team, which must be completed by April 30, 2012.  The Dodgers owe more than a half-billion dollars in debts.

Dodgers owner Frank McCourt reluctantly agreed to sell the world famous baseball team after a dramatic and prolonged courtroom fight which lasted for months.

McCourt and the Dodgers expect US Bankruptcy Judge Kevin Gross of Wilmington, Delaware to approve the team's bankruptcy reorganization plan on April 13th.

Auction bidders have until Monday, January 23rd to submit opening bids.  Likely bidders include:

• Mark Walter, CEO of Guggenheim Partners LLC of New York
• Larry Ellison, multi-billionaire CEO of Oracle Corporation
• Steve Cohen, manager of SAC Capital Advisors LLC of Connecticut
• Magic Johnson, Los Angeles sports legend and entrepreneur
• Rick Caruso, Southern California real estate developer
• Mark Cuban, billionaire owner of the Dallas Mavericks team

A successful Southern California baseball team since 1958, the Dodgers have won 6 World Series titles and 21 National League pennants.

The L.A. Dodgers are expected to sell for a record-breaking $1 billion to $2 billion, and the new owner will be identified by April 6th.

In re Los Angeles Dodgers LLC, 11-12010, US Bankruptcy Court, District of Delaware.