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March 28, 2012 by · Leave a Comment 

Dodger Stadium Under Construction - Photo KCET

In 1957, in an effort to entice Walter O’Malley, the owner of the Brooklyn Dodgers, to move his team to Los Angeles, the city and county of Los Angeles offered to give him 300 acres of public land in Chavez Ravine, grade it and provide access roads at a cost of $4.7 million. In return, O’Malley was to turn over to the city Wrigley Field, where the Pacific Coast League Los Angeles Angels played (valued at $2.5 million), develop and maintain a 40-acre recreation park for 20 years, and pay an estimated $350,000 annually in property taxes. O’Malley would privately build a stadium at an estimated cost of $10-15 million. That deal — modest in 1957 — is now worth $2 billion. That’s how much a group headed by former Los Angeles Lakers sensation Magic Johnson, film exec Peter Guber and businessmen Bobby Patton and Todd Boehly and funded by Chicago-based Guggenheim Partners agreed to pay current owner Frank McCourt. The deal also calls for McCourt and “certain affiliates” of the buyers group to acquire the property in a separate deal worth $150 million. The new owners will now consider an offer of $3 billion from Fox for the team’s broadcast rights for 20 years beginning in 2014.