Magic Johnson Group Buys Los Angeles Dodgers for $2 Billion

News

Vibe / March 28, 2012

Magic Johnson and Guggenheim Baseball Management LLC are taking over the Los Angeles Dodgers after a winning bid of $2 billion during an auction on Tuesday night (via ESPN).

Taking the role of controlling owner is Mark Walter, chief executive officer of Guggenheim Partners  financial services, who met with previous owner Frank McCourt in New York on Tuesday.

Walter and McCourt came to an agreement after Major League Baseball owners approved three bidders. As part of the agreement, McCourt and “certain affiliates” will obtain property surrounding Dodger Stadium for $150 million.

This comes after the team filing for bankruptcy last year.

“I am thrilled to be part of the historic Dodger franchise,” Johnson said in a statement. “[I] 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.”

Dodgers general manager Ned Colletti said they’re “thrilled” about the new deal, and are “certainly looking forward to working with the new ownership group to bring another world series championship to L.A.”

“I think it was important to have deep L.A. roots, and that is what this group also brings,” Colletti added. “I think that is important to the fans, especially those in Southern California. Magic is not only a great basketball player, but also a great businessman in the city.” —Stephanie Long