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SBD/January 25, 2011/Franchises
Bidding Price For Pistons Around $350M, Below Davidson's Early Target
Published January 25, 2011
IT'S A FAMILY AFFAIR? BLOOMBERG NEWS' Andy Fixmer cited a source as saying that The Gores Group Chair & CEO Alec Gores, the brother of Tom Gores, is "preparing a bid" for the Dodgers "in the event the current owners' divorce forces them to seek a buyer." The source indicated that Alec Gores, who made his fortune in leveraged buyouts, "may try to purchase" the team from Frank McCourt either with his brother or by joining an investment group. Details of a possible offer were not available (BLOOMBERG NEWS, 1/24). In L.A., Steve Dilbeck wrote the "great irony is that the financially troubled McCourt has made the Dodgers a profitable and desirable team to own." But the "problem for McCourt is he has leveraged the team so seriously that he hasn't been able to secure additional funding" (LATIMES.com, 1/24). Meanwhile, Bloomberg TV's Michele Steele reported real estate mogul Alan Casden "will also bid if the team goes on the auction block" (Bloomberg TV, 1/25).