Image via WikipediaDeveloper Rick Caruso and former Dodgers manager Joe Torre decided to pass on bidding for the Los Angeles Dodgers and Dodger Stadium after discovering that McCourt intended to keep the lots, per the Los Angeles Times, as well as enforce an existing contract where the Dodgers lease the lots for $14 million annually. That MLB signed off on this provision is interesting and a little sloppy: it severely diminishes the value of the total package while at the same time takes out the only asset in the packages with any true upside. Indeed, having the ability to develop the land surrounding the ballpark is what interested Caruso -- and McCourt, way back when -- in the Dodgers package: it's a very attractive parcel of land for future development in the heart of Los Angeles. While there's certainly some upside in restoring the Dodger brand and bringing fans back to Dodger Stadium, it's safe to say there's considerably more upside in the development rights to Chavez Ravine. CONTINUE....
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