Frank McCourt (executive)

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This article is about the real estate developer and owner of the Los Angeles Dodgers. For the Author of Angela's Ashes, see Frank McCourt.

Frank McCourt is the sole owner of the Los Angeles Dodgers. In 2004, he purchased a controlling interest of the Dodgers from Fox Entertainment Group, owned by Rupert Murdoch's News Corporation. Prior to purchasing the professional sports team, McCourt was a real estate developer, whose family resided in Brookline, Massachusetts.

[edit] Early years

In 1977, Frank McCourt founded The McCourt Company, which specializes in the development of major commercial real estate projects.[1]The company headquarters moved to Los Angeles in 2004.

[edit] Failed Red Sox bid

Before buying the Los Angeles Dodgers, Frank McCourt made a bid to buy his hometown Boston Red Sox. If he won the bid he would have built a new stadium in a south Boston waterfront.^[1] Instead, the Red Sox were sold to John W. Henry, Tom Werner and Red Sox President Larry Lucchino.

[edit] Los Angeles Dodgers

[edit] Coming into contact with the L.A. Dodgers

After his failed bid to buy the Red Sox he set his sights on the Dodgers. In 2004, McCourt bought the Los Angeles Dodgers for $430 million from NewsCorp, Rupert Murdoch's flagship enterprise.^[2] McCourt's purchase of the Dodgers was financed completely by debt. To offset the purchase, McCourt has raised ticket and concession prices every year. ^[3] The Dodgers have since increased in value to $694 million reported by Forbes. ^[4].Unlike other owners McCourt bought and still operates the Dodgers without any financial partners.

[edit] The hiring and firing of Paul DePodesta

When McCourt took control of the team he hired Paul DePodesta as General Manager. DePodesta made a blockbuster trade in the middle of the 2004 season: the Dodgers sent fan favorite Paul LoDuca, Guillermo Mota, and Juan Encarnacion to Florida for the high on-base percentage first baseman Hee-Seop Choi and power pitcher Brad Penny. Penny got hurt toward the end of the 2004 campaign, but returned strong and started the 2006 All-Star Game for the National League, and also pitched in the 2007 All-Star Game.

In 2004, the Dodgers won the NL West, but lost in four games to the St. Louis Cardinals in the Divisional Series of the playoffs. In the offseason the Dodgers decided not to re-sign Adrian Beltre due to his high contract demands (Beltre finished second in the NL MVP voting and would later signed with Seattle for 5/$64 million; [2]). DePodesta signed outfielder J.D. Drew for 5 years at $55 million ([3]), sinkerball pitcher Derek Lowe for 4 years ($36 million; [4]), and All-Star second baseman Jeff Kent.

However, the 2005 season was the Dodgers second-worst record since moving to Los Angeles, due in part to players' injuries. That off-season, manager, Jim Tracy, was fired. Soon after Tracy was fired, McCourt fired DePodesta and about a month later, hired Ned Colletti to replace him.

[edit] The Ned Colletti era

Ned Colletti's first action, then, as GM was the signing of the former Red Sox manager, Grady Little.The team has been changed as well, adding veteran players such as Rafael Furcal, Nomar Garciaparra and in the winter of 2006 the team also added Luis Gonzalez. From 2004 to 2006, the Dodgers also acquired veterans Brad Penny, Derek Lowe, and Jeff Kent. These players were among those who led the 2006 Dodgers to the NL Wild Card title, with an 88-74 record. The Dodgers would get swept by the New York Mets in the National League Division Series.[5].In October 2007, Grady Little resigned and Joe Torre was hired as their new manage.

In 2008 with new manager Joe Torre, Ned Colletti signed Andruw Jones, Hiroki Kuroda, and Chan Ho Park.

[edit] Dodger Stadium renovations

After the 2005 season, McCourt announced a multi-year plan to restore the aging Dodger Stadium. The first stage of restoration consisted of filling cement cracks and replacing all the seats in each level, resulting in a return of the ballpark to its original 1962 appearance (only with many more billboards) as well as a picnic area outside the loge level entrance. Since buying the team Frank mcCourt has invested heavily in Dodger Stadium. In 2004 they added luxury boxes. in 2006 they replaced all of the seats in the stadium. In 2008 he announced a 500 million dollars project to add a museum,shops, and restaurants around Dodger Stadium.

[edit] Controversial parking plan

Prior to the 2007 season, McCourt announced the Dodgers would be raising the price of parking from $10 to $15. McCourt justified the 50% cost increase by promising to implement a new parking plan that would ease entering and exiting the stadium. ^[5] Instead, the new plan was quickly deemed a fiasco, with many local journalists calling it "nightmarish" and "a complete disaster." ^{[6] [7]} Following opening day, several fans described the situation as one of severe gridlock, complaining that it took nearly two hours both to enter and exit the stadium. ^[8] McCourt was further criticized for failing to address the situation. McCourt initially declined to comment and later insisted the new plan was a success. ^[9] Camille Johnston, the Dodgers' senior vice president of communications, subsequently blamed the parking mess on fans who "like to drive in one gate, out the other gate, park in their favorite spot, all those things." ^[10]

[edit] Personal

[edit] Family history of sports ownership

Frank McCourt's grandfather was part owner of the Boston Braves along with Lou Perini and others.

[edit] Charity

Like his grandfather who started the Jimmy Fund foundation, Frank McCourt has started ThinkCure to fight cancer.[6] He is also a big contributor to the Dodger Dream foundation.

[edit] Family business

Frank McCourt's wife, Jamie McCourt is Vice Chairman and president that runs the Dodgers business side. His son Drew McCourt is the Dodgers director of marketing[7].

[edit] Footnotes

[edit] External links

• [8] MSNBC
• [9]