Joe Torre to Join in Bid for LA Dodgers

Joe Torre has resigned from his position with Major League to join in a bid for ownership of the team he once managed.

The Changeup: McCourt Era, Bankruptcy Case Coverage

Torre, 71, will join Los Angeles real estate developer Rick Caruso in the bid for one of Major League Baseball's most storied franchises.

"I have made this decision because of a unique chance to join a group that plans to bid for the Dodgers,'' Torre said in a statement. "After leaving the field, this job was an incredible experience, one that I enjoyed very much.''

Torre won four World Series during his 12 seasons with the New York Yankees. He guided the Dodgers from 2008 to 2010 before accepting a position as an executive vice president with MLB.

The bid deadline for the Dodgers is Jan. 23.

"Joe has a proven track record of fielding winning teams and I am looking forward to our group benefiting from his unique experience,'' Caruso, the man behind the Grove and Americana at Brand shopping centers, said in a statement. "I am a lifelong Angeleno; I love this city and have dedicated my career to creating world-class destinations that support this community and foster great customer experiences. Joe and I believe in the Dodgers and Dodger fans and know that together we will foster a winning culture.''

A sale agreement was reached late last year between owner Frank McCourt and the league. The agreement came after a summer of turmoil for the franchise, which included a battle in bankruptcy court.

A winning bidder will be identified by April, and a sale will be complete by April 30, according to the agreement.

Other potential bidders include:

Steven Cohen, hedge fund SAC Capital Advisors. Read More
A group that includes former Los Angeles Lakers star Magic Johnson, former Atlanta Braves and Washington Nationals president Stan Kasten and Guggenheim Partners chief executive officer Mark Walter. Read More
A group that includes former agent and current Chicago White Sox special assistant Dennis Gilbert, talk show host Larry King and Jason Reese of Imperial Capital.
A group that includes former Dodgers general manager Fred Claire, former Oakland Athletics president Andy Dolich and former Dodgers batboy Ben Hwang.
Former Dodgers owner Peter O'Malley.
A group that includes former Dodgers Orel Hershiser and Steve Garvey, and Joey Herrick of Natural Balance Pet Foods. Read More
Dallas Mavericks owner Mark Cuban.
A group that includes LA real estate developer Rick Caruso and former Dodgers manager Joe Torre. Read More
A group chaired by developer Stanley Stalford called "Own the Dodgers." Shares would be sold so residents can band together to buy the team. Watch Video

The Dodgers have won six World Series, the last coming in 1988. The team's spiral toward mediocrity hit rock bottom last season when financial woes prompted a bankruptcy filing. MLB Commissioner Bud Selig then appointed former Rangers president Tom Schieffer as the team's financial monitor in April.

The Dodgers finished third in the National League West and recorded just three sellouts.

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