Posted by | Cyrena Rose
A deal has been achieved between the Dodgers and Magic Johnson’s bidding group (baseball executive Stan Kasten, Hollywood executive Peter Guber and Guggenheim Partners) for the Dodgers and Dodger Stadium! Laker Legend Magic Johnson representing his group purchased the Dodgers for a record $2.5 billion!
Current owner Frank McCourt hand-picked Johnson’s group to buy the Dodgers on Tuesday, just five hours after Major League Baseball approved three finalists in a bankruptcy auction. The deal is one of several steps toward a sale of the team by the end of April. It is subject to approval by a federal bankruptcy judge.
“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.
“This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community,” McCourt said in a statement.
Johnson’s reputation as a winner in sports and business will give a new air of credibility to the Dodgers. Johnson is well-known for his self-named nationwide chain of movie theaters, movie studio, and a promotion company. He previously owned more than 100 Starbucks franchises and had a minority ownership in the Lakers. His other ventures include commercial real estate and health clubs.
Click here, Magic Johnson discusses the purchase of the Dodgers and his role with the team with ESPN’s Baseball Tonight!