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Former New Yorker bids for Dodgers
Dave Checketts, former head of Madison Square Garden, offers $650M for team and cable network.
January 22, 2003: 6:54 AM EST

NEW YORK (CNN/Money) - A former New York sports executive offered $650 million to buy the Los Angeles Dodgers and the cable channel that airs its games from Rupert Murdoch's News Corp., according to a published report Wednesday.

Dave Checketts, who ran the NBA's Knicks and NHL's Rangers while in New York, made his offer for the team, the 300-acre stadium site and the Fox Sports Net 2 cable channel on Monday, according to the Los Angeles Times.

News Corp. had no immediate comment and Checketts told the paper that "it would be premature for me to comment at this time."

Talk has spread that News Corp. is looking to sell the team and it recently hired New York investment bank Allen & Co. to seek potential buyers, the paper reported.

The $650 million bid could help News Corp. in its plan to buy either Hughes Electronics or EchoStar Communications, which is reportedly putting itself on the block.

Last year, the Boston Red Sox sold for $660 million plus $40 million in debt, and nearly half the price was for the regional cable channel that televised Red Sox games, the paper reported.

News Corp (NWS: Research, Estimates). paid $311 million, gave $14 million to a charitable foundation and assumed $25 million in debt for the Dodgers in 1997, according to the Times.  Top of page




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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.