Magic Johnson's Group Buys the Los Angeles Dodgers for $2 Billion

Magic Johnson's Group Buys the Los Angeles Dodgers for $2 Billion

The Los Angeles Dodgers have a new owner and he has quite the familiar face. Former Lakers legend Magic Johnson and his group, the Guggenheim Baseball Management LLC, which includes controlling partner Mark Walter and partners Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly, have taken control of the franchise after winning an auction for the team late Tuesday night with a bid of $2.15 billion

Back in 2004, Frank McCourt bought the Dodgers, Dodger Stadium and 250 acres of land from the Fox division of Rupert Murdoch's News Corp.for $430 million. Over time, though, the team kept losing money and filed for bankruptcy last June when they could no longer meet their financial demands. Eventually, the MLB and the bankruptcy court reached an agreement that gave McCourt until April 1 to name a winning bidder. 

As part of the new agreement with the Guggenheim Baseball Management, McCourt, along with "certain affiliates of the purchasers," will acquire the Chavez Ravine property surrounding Dodger Stadium for $150 million. When the news became official, Magic released a statement saying, "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." It looks like the organization is in good hands now.    

[via ESPN]

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Tags: magic-johnson, los-angeles-dodgers
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