Dodgers owner Frank McCourt backs company hoping to run the L.A. Marathon
LOS ANGELES MARATHON
McCourt's investment would make him the majority owner of the company trying to obtain operating rights to the race, which has struggled financially under the current ownership.
Dodgers owner Frank McCourt has agreed to provide financial backing to a new Los Angeles company that hopes to buy operating rights to the Los Angeles Marathon from its Chicago owner.
Financial terms of the proposed deal were not released today, but in a statement, McCourt said that he is interested in investing "so long as necessary terms can be worked out with Devine Racing Management's affiliated entities and the City of Los Angeles."
McCourt is pursuing the deal independent of his baseball holdings.
Chris Devine, the Chicago businessman who purchased rights to the L.A. Marathon in 2004, announced the planned sale in June. His Devine Racing Management has struggled with race-related finances in recent years, and Devine said the sale proceeds would be used to cover his company's outstanding financial obligations and allow it to continue operating a marathon in Las Vegas.
Devine declined to discuss terms of a sale today, but confirmed that he hopes to complete the deal by mid-September. Devine in the past acknowledged that the L.A. Marathon has struggled financially. In June he said that the race's financial problems were "all on me . . . to own the L.A. Marathon and screw it up is a monumental failure."
McCourt described the race that is scheduled to run its 24th edition on March 1, 2009, as "an important civic asset that has the potential to have an even greater positive impact on the City of Los Angeles. Because of its great potential, I am evaluating the opportunity along with Going the Distance," which is the name of the company that was created to buy rights to the race.
McCourt, who stays physically active but doesn't run marathons, would become the majority owner of Going the Distance, a company created by local businessmen Russ Pillar and David Kingsdale.
Any deal must be cleared by the City of Los Angeles, which owns the Los Angeles Marathon name and logo and plays an integral role on race day.
Pillar also said that Bill Burke and Marie Patrick, the race operators whose names are synonymous with the marathon, would not stay on if the deal closes, as planned, in mid-September. "We respect the value of the asset that they've built over time, but look forward to working with a new team to bring the L.A. Marathon to the next level," Pillar said.
Pillar described the race as "a great civic asset that managed properly can create great value for the City of Los Angeles. "We intend to create that value, not only for runners, but for sponsors, affiliates and the city."
