Los Angeles Dodgers add two minority investors

The Los Angeles Dodgers have added two entrepreneurs to the Major League Baseball team’s ownership group.

Robert L. Plummer – the chairman and chief executive of R.P. Lumber Co., a retail home center and building materials supplier – and Alan Smolinisky – a principal at Conquest Housing, a private investment company that operates in real estate and publicly traded securities – have joined as limited partners.

The size and price of their stakes in the team, reportedly valued at $3.2bn for the purpose of the sale, have not been disclosed.

The Dodgers are run by Guggenheim Baseball Management – which includes chairman and controlling owner Mark Walter, Magic Johnson, Stan Kasten, Peter Guber, Bobby Patton and Todd Boehly.  Recently, tennis legend Billie Jean King and her partner Ilana Kloss were brought in as minority investors.

According to Forbes, Guggenheim Baseball Management is looking to sale a larger stake in the team later this year.

Earlier this year, the Dodgers announced plans for a $100m renovation of the 57-year-old Dodger Stadium.