Frank McCourt Gets Approval In Bid To Acquire L.A. Marathon
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McCourt Moves Closer In Bid
To Acquire L.A. Marathon |
An L.A. City Council committee yesterday approved Dodgers Owner Frank McCourt's bid to acquire the rights to the L.A. Marathon from Chicago-based Devine Racing, according to Greg Johnson of the L.A. TIMES. The deal, "which would shift the race from being an annual Sunday event to one held on a Monday, Presidents Day, is expected to win full council approval" tomorrow. Financial details of the deal were not disclosed, but it "would include $537,391 to reimburse the city for money it is owed" by Devine to "cover costs generated by the last three races." McCourt's newly-created race operating company, Going The Distance (GTD), "also would be required to reimburse the city for future race-related costs." L.A.-based media exec Russ Pillar, one of two area businessmen "who would operate the race for McCourt," said that GTD "would not assume outstanding financial obligations amassed" by Devine, which has operated the race since '04. The deal set to go in front of the council tomorrow "would transfer operating rights" of the race to GTD, which would have "exclusive rights to market the [L.A.] Marathon and use the race's logo." In exchange, GTD "will pay an annual licensing fee" (L.A. TIMES, 9/18).
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