Magic Johnson Group buys the Los Angeles Dodgers for record-breaking $2 billion

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Magic got that GWAP!!!

Magic Johnson Group Buys The L.A. Dodgers For $2 Billion

One Los Angeles institution is buying another.

A group that includes former Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Dodgers from Frank McCourt for a record $2 billion.

The price would shatter the mark for a sports franchise. Stephen Ross paid $1.1 billion for the NFL’s Miami Dolphins in 2009, and in England, Malcolm Glazer and his family took over the Manchester United soccer club in 2005 in a deal then valued at $1.47 billion.

Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner.

The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court.

“I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles,” Johnson said in a statement.

As part of the agreement, the Dodgers said McCourt and “certain affiliates of the purchasers” would acquire the land surrounding Dodger Stadium, including its parking lots, for $150 million.

Congrats Los Angeles, you get to keep your team!

Image via AP

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