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Monday, March 3
Updated: March 13, 1:47 PM ET
 
Checketts $200 million short of financing goal

ESPN.com news services

LOS ANGELES -- Former New York sports executive David Checketts has assembled part of the financing for his $620 million bid to buy the Los Angeles Dodgers, according to the Los Angeles Times.

Checketts' eye on Atlanta?
David Checketts has contacted AOL Time Warner about the company's for-sale Atlanta teams, the Atlanta Journal-Constitution reported in Tuesday's editions.

"We do not want this to turn into a circus atmosphere with names of potential buyers flying around," said Brad Turell, spokesman for Turner Broadcasting, the AOL Time Warner division that includes the teams, to the newspaper.

Turell stated several parties are interesed in purchasing the teams, but none of them are planning to move the teams out of Atlanta.

"People buy businesses outside their own city all the time," Turell said in the report. "But these teams are located in Atlanta with state-of-the-art facilities in the ninth-largest market in the country. None of that adds up to moving them. . . . We would not entertain moving these teams. It has not come up in conversation [with prospective purchasers]. It is not an option."

The Braves, Hawks and Thrashers are estimated to be worth a combined $750 million.
-- ESPN.com news services

The paper reported Monday that Checketts has gained a commitment from billionaire financier George Soros, who has agreed to put up less than $100 million in equity in what would be his first investment in a sports franchise.

The Times, citing anonymous sources, also said Checketts has lined up two banks and is seeking a third to secure financing of $300 million. The Times reported the two banks are said to be J.P. Morgan Chase & Co. and FleetBoston Financial Corp.

Even with those commitments, however, Checketts remains more than $200 million short of his financing goal, sources told the newspaper.

While News Corp., the team's owner, may be willing to sell the Dodgers, it does not went to sell the television network that carries Dodgers' games. Checkett's bid would include the network.

Checketts did not return a telephone call Monday seeking comment. The commissioner's office says neither Checketts nor the Dodgers have approached it about starting a sales process.

The Times reported Monday that Checketts did not return phone calls and officials with Soros Fund Management would not comment on its investment activities. News Corp. also would not discuss the negotiations and the two banks could not be reached for comment.

Soros, a naturalized American born in Hungary, has amassed a fortune estimated at nearly $7 billion. The financier and philanthropist is the largest shareholder in JetBlue Airways. Checketts is on the board of directors for the airline.

Checketts started in professional sports with the Utah Jazz. In 1994, he was appointed to run Madison Square Garden, which oversees the New York Knicks and New York Rangers.

News Corp. bought the Dodgers from the O'Malley family in 1997 for a then-record $310 million.




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