Magic Johnson Is New Los Angeles Dodgers Owner

[key2win]

Magic Johnson group to buy Dodgers for record $2B - MLB - Yahoo! Sports

A group that includes former Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Los Angeles Dodgers from Frank McCourt for a record $2 billion.

The price would shatter the mark for a North American sports franchise, topping the $1.1 billion Stephen Ross paid for the NFL’s Miami Dolphins in 2009.

Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner.

The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court.

As part of the agreement, the Dodgers said McCourt and “certain affiliates of the purchasers” would acquire the land surrounding Dodger Stadium, including its parking lots, for $150 million.

The acquiring group, called Guggenheim Baseball Management, has several other investors, among them Mandalay Entertainment chief executive Peter Guber, Guggenheim Partners president Todd Boehly and Bobby Patton, who operates oil and gas properties among his investments. Kasten is the former president of the Atlanta Braves and Washington Nationals.

[Baseball Nut]

The Los Angeles Dodgers Have A New Owner And It’s Going To Be Magic

The announcement that local fans have been waiting to hearcame from the person they least wanted to speak, Frank McCourt, the soon to beex-owner of the Los Angeles Dodgers. The terms of an agreement to sell the Los Angeles Dodgers has beenreached. Final saleprice? $2 billion. The winning group of investors? One that includes Lakers great MagicJohnson and the former Atlanta Braves and Washington Nationals President StanKasten. The controlling owner will be Mark Walter, the CEO of the financialservices firm Guggenheim Partners.


The agreement was announced tonight, Tuesday March 27, 2012,just a few hours after Major League Baseball owners approved three finalistsfor the auction. It isexpected the transfer of the team will happen by the end of April, after theapproval of the sale in federal bankruptcy court.


But it is still not a total victory for Dodgers fans as partof the agreement includes McCourt and "certain affiliates of thepurchasers" would acquire the land surrounding Dodger Stadium for $150million.


The final price of $2 billion will easily set the record forthe sale of a North American sports franchise.

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[YankeeCollector]

I don't see Magic too involved in much of the Dodgers day-to-day operations. His name will go a long way for them though, in attracting fans and creating a buzz.

[whitney777]

I think it is at least a cool story. He's always been a favorite of mine.

[gladdyontherise]

Great news for Dodger fans. Giants/Phillies might want to lock up Cain/Hamels or they're LA bound.

[JesRey]

Dodgers Get their Magic Man

The Los Angeles Dodgers and Frank McCourt Announce Agreement With Guggenheim Baseball Management

I received the news last night during work and couldn't be happier. I'm glad that Magic Johnson's group will acquire the Dodgers. The only problem is Frank McCourt still has the Chavez Ravine property. At least he won't be the owner anymore and that's something, Dodger fans like myself, have been waiting for for a long time.


I've been hearing nothing but positive things about Guggenheim and the players seem excited.

Press Release from last night:

LOS ANGELES, March 27, 2012 - The Los Angeles Dodgers and Frank McCourt today announced an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process. The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Mr. McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.

The Los Angeles Dodgers stated, “This transaction underscores the Debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full.”

Frank McCourt stated, “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. 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.”

Earvin "Magic" Johnson stated, "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."

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[bakemeister52]

Needed new owners and now people will want to come to the Dodgers more with new owners!

[YankeeCollector]

I know who this doesn't benefit. The Cubs, if they were looking to rebuild through free agency in the upcoming years.