Frank McCourt has paid more than $460 million in state and federal taxes related to the sale of the Dodgers, one of his attorneys said Monday.
McCourt sold the Dodgers for $2.15 billion last year in a transaction in which Guggenheim Baseball Management bought the team, Dodger Stadium and a 50% stake in the parking lots surrounding the stadium. McCourt retained a 50% stake in the parking lots.
As part of the transaction, Guggenheim assumed $412 million in team debts, according to documents filed in U.S. Bankruptcy Court. After subtracting tax payments and debt assumption from the purchase price, McCourt turned a $1.278-billion profit on the sale of the Dodgers.
In 2009, the Chicago Cubs sold for $845 million, the previous record price for a baseball team. So the net profit McCourt made for selling his baseball team was more than the gross purchase price for the sale of any other team.