Magic Johnson to Buy LA Dodgers

Magic Johnson to Buy LA Dodgers

A group in which former Lakers star Magic Johnson and Stan Kasten, a longtime baseball executive and the former president of the Atlanta Braves and Washington Nationals are members agreed Tuesday night to buy the Dodgers from Frank McCourt for a record breaking $2 billion which would eventually shake the sports franchise.

Stephen Ross paid $1.1B for the NFL's Miami Dolphins in 2009, and in England, Malcolm Glazer and family bought Manchester United in 2005 in a deal valued then at $1.47 billion.

Mark Walter, CEO of the financial services firm Guggenheim Partners, would become the controlling owner.

The agreement is one of numerous steps toward a sale of the team by the end of April, but is still 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 deal, the Dodgers would acquire the land surrounding Dodger Stadium, including its parking lots, for $150 million.

"If they invested that much money, I'm sure they'll invest to get us a winner," said Tommy Lasorda, the Dodgers' retired Hall of Fame manager. "I wish them all the luck, and I admire them. I know both of them. I know Magic from the day he came into Los Angeles as a basketball player for the Lakers."

The acquiring team, Guggenheim Baseball Management, has many other investors, among them are Peter Guber, CEO of Mandalay Entertainment, Todd Boehly, Guggenheim Partners president and Bobby Patton, an oil and magnate.

"I am truly honored to have partnered with such talented individuals and to be associated with the Dodgers organization," said Walter. "We look forward to building upon the legacy of the Dodgers and providing long-term stability to one of the most revered franchises in baseball."

Magic Johnson, 52, played 13 seasons for the Los Angeles Lakers and won five NBA championships and three MVP awards in a Hall of Fame career.

In 1991, he retired from the NBA after being diagnosed with HIV.

Posted by Andre Monohan on Friday March 30 2012, 4:31 AM EDT. Ref: Yahoo. All trademarks acknowledged. Filed under Featured News. Comments and Trackbacks closed. Follow responses: RSS 2.0