A bid for the Los Angeles Dodgers has gained unexpected momentum -- and more credibility -- as billionaire Eli Broad agreed to join a $600-million pitch for the team, its Chavez Ravine stadium and its cable TV home, sources close to the situation said Friday.
The 69-year-old business mogul and philanthropist becomes the first local figure to throw his support behind New York sports executive David Checketts' efforts to put together a financing group, which includes two other equity investors as well as at least two East Coast lenders.
It was not immediately clear Friday how much money Broad has agreed to put toward the bid or whether Dodger owner News Corp. will go for the deal. A sticking point could be Checketts' demands to take control of Fox Sports Net 2 as well as manage its sister station, Fox Sports West. With the Dodgers losing money, Fox Sports Net 2 is seen by many as the more lucrative asset.
Sources close to the situation say that by bringing Broad on board, Checketts has the funding he needs to make a formal offer. Major League Baseball requires financial documentation from all potential investors before any group can begin reviewing a team's financial records, and Broad was expected to meet that requirement Friday, according to baseball officials and other sources.
This is not Broad's first foray into sports. He was involved in a failed initiative to attract a National Football League franchise to the city.
Broad made his first fortune in real estate by helping to turn Kaufman & Broad Corp. -- now KB Home Corp. -- into the nation's fifth-largest home builder. More recently, he has been a leading visionary in the revival of downtown Los Angeles.
His involvement is sure to heighten speculation that a grander plan may lie behind a Dodger purchase. Some suggest that a buyer could try to move the team to a new baseball stadium downtown near Staples Center and then redevelop the 300-acre Chavez Ravine into hilltop homes and office space.
Broad did not return phone calls seeking comment. But sources close to him say he has no real estate motives, but rather is interested in restoring the Dodgers to the team's previous glory.
Neither Checketts, Major League Baseball nor News Corp. would comment for this story.
