Whats the 411: Is Frank McCourt Benefiting from Dodger Parking
When Magic Johnson and his investment group announced their plans to purchase the struggling Los Angeles Dodgers, Angelenos were ecstatic. Tickets sold out, Dodger gear sales increased and the countdown was on to opening day. Where we more excited about Frank McCourt’s leaving? His recent divorce woes put the Dodgers in a precarious position and ultimately where put up for sale. Many wondered why does McCourt look excited sitting next to the new owner. Does he know something we don’t? Apparently so. McCourt will continue to make money off the Dodgers through a parking arrangement with the new owners, which contradicts what Magic initially stated this past Wednesday that McCourt will not make money off the Dodgers. Is Magic Johnson back up to his same old tricks-duping the public? Turns out although McCourt was forced to sell off the team, he was able to retain the rights to the land, thus the ability to collect parking revenue, which estimates to be close to $14million this year. This coincides with the recent announcement of parking dropping to a flat $10 rate. Is this why these two have been appearing so chummy? Did Magic think McCourt would fall for his winning smile and say you know what, I don’t want the parking revenue, keep it for yourself? Wishful thinking. In Los Angeles, parking is a premium and creates a huge profit margin. If this where part of the deal, that McCourt would indeed retain parking rights, why would Magic publicly state otherwise?