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US bankruptcy judge OKs reorganization plan for LA Dodgers, allowing team to exit bankruptcy
WILMINGTON, Del. (AP) ' A bankruptcy court judge in Delaware has approved the Los Angeles Dodgers' reorganization plan, a move that allows the team to exit bankruptcy.
Friday's decision by U.S. Bankruptcy Judge Kevin Gross came at the conclusion of a two-part morning and evening hearing he called a "doubleheader."
The reorganization plan is based on Dodgers owner Frank McCourt's agreement to sell the team for $2 billion to Guggenheim Baseball Management, a group that includes former Los Angeles Lakers star Magic Johnson. Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, will become the controlling owner, and the team will be run by former Atlanta Braves president Stan Kasten.