Huffpost Los Angeles

Dodgers Parking Lots: Frank McCourt Owns Half Of The Area; Here's What That Means

Posted: Updated:
DODGERS PARKING LOTS
Wiki

Fans rejoiced at the "Magical" announcement about the Dodgers' new owners, but cheers soon turned to jeers when they learned that former owner Frank McCourt would still have a stake in the stadium site.

While the Dodgers' overall sale price was $2.15 billion, the Johnson group paid McCourt only $150 million for the land and parking lots around the stadium, instead of the full $300 million that the lots are worth. That's because McCourt paid himself the other half, $150 million, in order to retain co-ownership of the area, ESPN reports.

The soon-to-be former owner will not reap any profit from parking revenue and will not have control over the parking lots. However, he will enjoy profit from any future development of the land.

While no development plans are in the works yet, individuals have predicted that McCourt retained land rights because he plans to develop big commercial properties like The Grove or LA Live, according to the LA Weekly.

Robert Bridges, professor at the USC Marshall School of Business, speculated to the Los Angeles Times that the team could build restaurants, shops, a hotel or even a baseball museum in the space. The area in question, at 130 acres or roughly 100 football fields, is certainly big enough.

Bridges commented on the location, which is known as Chavez Ravine: "In the world of real estate, it's location, location, location," he said. "Dodger Stadium is certainly one of the prime locations in the city." He said that even if the team moved to another part of the city, the land left behind would be "relatively easy to develop (because) the parking lots are largely graded."

Although a large development in the rough-edged but proud neighborhood would likely enrage Eastsiders, one consoling factor is that Johnson and the other future owners will have veto power over any plan McCourt proposes.

Still, if your sentiment lies with those who have a new-found disgust for the McCourt-tinged Dodgers' parking lots, you do have an option other than your living room couch.

Shortly after the Magic deal, the team announced that it, in partnership with LA Metro, will offer the Dodger Stadium Express bus service from Union Station to the stadium. The bus service, previously called the Dodger Trolley, recently received a $300,000 grant approved by the Mobile Source Air Pollution Reduction Review Committee, according to the Bleacher Report. The ride is free with a ballgame ticket and is $1.50 if you haven't purchased your ticket yet.

We know public transportation is like pulling teeth for Angelenos, but if you're set on boycotting the lots -- even though McCourt won't reap a penny -- it's a good option.

That is, unless you're feeling like taking up one of @KPCCofframp's suggestions: "Can u get into Dodger Stadium without touching a parking lot? Helicopter? Zipline? Parasail? Parachute?"

Earlier on HuffPost:

of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

No Dodger parking dollars for Frank McCourt

Report: Frank McCourt will receive no parking revenue

Why I Could Care Less About The L.A. Dodgers

A Year After Bryan Stow's Attack, McCourt Still Needs to Pay

L.A.'s Sports Business Gets Complicated

A Frank McCourt success story: the LA Marathon

About Last Night: The Parking Lot Confederacy

Joe Torre rejoins MLB after failed Dodgers bid

Cuban has been devoured in MLB's Shark Tank

Rich, famous bidders line up to buy Dodgers

Frank McCourt receives no parking revenue from Los Angeles ...

Dodgers Sale Details: McCourt Still Owns the Parking Lots, Fans ...

What's the deal with the Dodgers parking lots? | 89.3 KPCC

Frank McCourt's Dodger Parking Lot - Page 1 - News - Los Angeles ...

Two Billion for the Dodgers and Magic Johnson's Group Let McCourt ...

McCourt Sells Dodgers But Keeps Stake in Stadium Parking Lots ...

Dodgers Sale Creates A Chance to Fix Broken Parking Lot ...

Frank McCourt's Dodger Parking Lot