Magic Johnson’s Group Reaches Agreement To Buy LA Dodgers
Tuesday afternoon, Major League Baseball owners unanimously approved the three remaining bidding groups as possible owners of the Dodgers. The next step was an auction to buy the club from embattled owner Frank McCourt, but evidently that didn’t take very long. The group led by former Lakers star Magic Johnson has reached an agreement to purchase the club, according to a press release late Tuesday night. The deal is for $2 billion.
“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,” said the 52-year-old Johnson.
The group is officially named Guggenheim Baseball Management and, aside from Magic, includes Mark R. Walter (the controlling partner), Stan Kasten (former president of the Washington Nationals), Peter Guber, Bobby Patton and Todd Boehly.
“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,” said now-former owner Frank McCourt in a statement. “We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.”