"A classic example of how a cash-poor but property-rich real estate owner can buy a bigger property without spending much money at all out of pocket, if the seller really wants to unload the property," is how Dodger Thoughts reader Bob Timmermann summarizes the Los Angeles Business Journal article, "McCourt Turns a Classic Double Play: Treats Dodger Deal As Property Gambit," on Frank McCourt's purchase of the Dodgers from News Corp.

"It’s the kind of deal that gives hope to the Everyman who has always dreamed of owning a major league sports franchise – especially those who watch late night 'no-money-down' infomercials," begins the article itself, written by Danny King.

Some of the information in the article is old news, but there are also good details and perspective about the deal. King writes that "Fox is essentially funding all but $175 million of the purchase price," that McCourt received $25 million in a loan from Bank of America, and that it's possible that Fox's payments on its television deal with the Dodgers might be front-loaded, further reducing McCourt's initial cash outlay.

King adds that McCourt's commercial property, 24 acres in Boston's Seaport District that is ripe for development but currently used for parking (and as collateral for a Fox loan of $125 million), is on the market, at a value of $100 million or $200 million, if not more. This promises a great return for McCourt, but King also quotes a source who says that "with Boston’s commercial property market in a three-year downswing and a number of competing properties on the market, McCourt’s timing could be better."

The good news for Dodger fans is that, according to King, "Depending on the schedule of Fox’s broadcast payments and the size of the third party’s equity investment, McCourt could very quickly do something that Fox claims it was never able to: make a profit."

However, McCourt may have to sacrifice his parking lot income in order to fulfill the demands of his purchase. And whether any profit will be pumped back into the organization still remains to be seen.

I'm sure Rob McMillin of 6-4-2 will have his own thoughts.

Update: Kurt at Arrive In The Third, Leave After Seven adds, via e-mail:

I saw this a while back, a Boston business writer talking about what Frank McCourt is selling back east. My wife, who used to live in Boston, is familiar with the property and questions how much a developer could do with it and how "prime" it is. Anyway, just passing this along as some more background, and hoping McCourt proves my skepticism wrong.