Monday, January 24, 2011

Alec Gores Wants The Dodgers

Meet Alec Gores -

We get these stories a couple of times a month. Everyone wants to buy the Dodgers. The problem is that the team is not for sale. It seems every once in a while a report comes in that Steve Garvey wants the Dodgers, Oscar De La Hoya wants in, Magic Johnson might be interested, and other high profile celebrities. Here's another report.

From the L.A. Business Journal - {linked here}

Billionaire investor Alec Gores reportedly plans to make a bid for the Los Angeles Dodgers if the current owners’ divorce forces them to find a buyer.

Bloomberg News cites a person with knowledge of the plans who said Gores may try to purchase the Major League Baseball team, either with his fellow billionaire brother, Tom Gores, or as part of an investment group.

Frank McCourt, who divorced his wife Jamie in November after 31 years of marriage, is appealing a Los Angeles Superior Court judge’s decision last month that invalidated his claim to sole ownership of the team. If McCourt loses and has to sell the team, the Gores are among a number of wealthy Angelenos and others looking to acquire the team. Los Angeles real estate billionaire Alan Casden, Dallas Mavericks owner Mark Cuban and former Dodgers first baseman Steve Garvey also have expressed an interest in the team.

Who is Alec Gores? From his site. {Gores Group}

Alec Gores is the founder, Chairman and Chief Executive Officer of The Gores Group, a Los Angeles based private equity firm focused on acquiring controlling interest in mature and growing businesses which benefit from the firm's operating experience and expertise and its flexible capital base.

Mr. Gores began his career as a self-made entrepreneur and operating executive. In 1978, he self-funded and founded Executive Business Systems (EBS), a developer and distributor of vertical business software systems. Within seven years, EBS had become a leading value-added reseller in Michigan and employed over 200 people. In 1986, CONTEL purchased EBS and Mr. Gores subsequently began acquiring and operating non-core businesses from major corporations and building value in those entities, a decision that ultimately led to the founding of what has evolved into The Gores Group.

Under his leadership, The Gores Group is continuing to implement that successful strategy by acquiring businesses with enterprise values in the $200 million to $ 3 billion range, focusing on creating value and working with management to create an entrepreneurial environment as a foundation for sustainable growth. This philosophy has served the firm well. Since 1987 over 70 businesses have been successfully acquired. The current portfolio includes over twelve companies world-wide with combined annual revenues in the billions of dollars.

Mr. Gores holds a degree in computer science from Western Michigan University and lives in the Los Angeles area.

L.A. Business man? Is worth $1 billion? Works for me.

More from {linked here}

Divorced. 5 Children. Emigrated from Israel to Flint, Mich. 1968; first in family to attend college. Got taste of tech business selling computers out of basement. Started buyout firm Gores Group 1987. Today manages $1.7 billion; offices in U.S. and Europe. Targets divisions of technology firms, then pieces into new businesses.