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| Thursday, August 9th, 2012

Haute 100 LA Update: How Earvin ‘Magic’ Johnson Convinced Peter Guber to Buy the LA Dodgers

Earvin ‘Magic’ Johnson can be quite convincing when he wants to be.

Though Mandalay Entertainment Group CEO Peter Guber didn’t want buy the Dodgers, a call from the former NBA star – who happens to be his friend and business partner – convinced him otherwise.

Not only had the two worked together in the past when Guber, a former chief at Sony, partnered with Johnson to launch his movie theatre chain, but the two also co-own a minor league baseball team in Dayton, Ohio that has sold out 897 consecutive games, a record for professional sports.

Recalls Guber: “Magic called and he said, ‘Come on, we’ve been so lucky together, we’ve been so good together, let’s do it, let’s do it, let’s do it.’ ”

He added: “I said, ‘F— it, OK,’ and my wife thought it was absolutely insane. She said, ‘Are you crazy?’ ”

Still, he opted to join the team that would make a $2.15 billion winning offer which more than doubled the previous record price for a North American sports franchise.

In addition to Johnson and Guber, the New York and Chicago-based Guggenheim Partners has an ownership interest in the Dodgers, as does Pluribus Capital Management of Prometheus Global Media.

[Source: The Hollywood Reporter]

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