Throwing the book at Dodgers’ sales pitch
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Funny, but the Dilbeck Investment Group has yet to receive its Dodgers bid book for prospective buyers. It’s almost like they’re not taking us seriously.
Everybody and his aunt Thelma is talking about forming a group to bid on the Dodgers, and a sterling bunch such as mine can’t even get a book. And here I was thinking of adding the wife’s 2001 Odyssey minivan with only 225,000 mostly freeway miles to my 2006 Accord in our financial package. They were so close.
Also inexplicable, leaders of competing groups, many of whom I’ve known for years -- Peter O’Malley, Fred Claire, Dennis Gilbert, Magic Johnson -– have not approached me about the possibility of merging our power bases. Be warned, these special opportunities often come only once in life.
So what I do know about this had to come from others, who know someone who has received the book. Who probably dreams of owning a 2001 Odyssey.
It doesn’t sound like the sales book, however, is going to get anyone’s competitive juices flowing. Remember, Frank McCourt already has taken the team into debt estimated between $600 million and $700 million.
One sports banker who has seen the sales book told Forbes it’s “a piece of crap” because it fails to provide typical information, like net income. He estimates the Dodgers lost at least $20 million last season.
The Times’ Bill Shaikin knows someone who has seen McCourt’s book, which he said includes this suggested nugget on how to raise revenue: increase ticket prices! Makes you wonder how he ever drove them into bankruptcy.
The bid book is apparently focused on selling the team and stadium, but not the surrounding parking lots. Shaikin said the book reminds potential owners of $14 million in annual rent due on the parking lots McCourt owns, which are scheduled to increase in 2015.
Maybe it’s a good thing I never received McCourt’s sales pitch. The only way I’m driving the Accord back to Dodger Stadium after he sells the team is onto a parking lot he also no longer owns.
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-- Steve Dilbeck