Magic Johnson And Company To Purchase Los Angeles Dodgers For Record $2 Billion

A group of buyers, which includes formers Lakers star Magic Johnson and longtime baseball executive Stan Kasten, agreed in late March to purchase the Los Angeles Dodgers from owners Frank McCourt for a record $2 billion.

StanThe price would shatter the mark for a North American sports franchise, well above the $1.1 billion Stephen Ross made for the NFL’s Miami Dolphins in 2009.

Chief Executive Officer of the financial services firm Guggenheim Partners Mark Walter would become controlling owner.

The deal is one of several steps toward a sale of the team by the end April.

“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 agreement, “certain affiliates of the purchasers” would also acquire the land surrounding Dodger Stadium, including its parking lots, which amounts to a total of about $150 million.

McCourt paid $430 million 2004 to buy the team, Dodger Stadium and the surrounding land. The team’s debt stood at $579 million as of January. The current record for a baseball franchise is the $845 million paid by the Ricketts family for the Chicago Cubs in 2009.

The Dodgers finished third in the NL West at 82-79, had just three sellouts and fell short of 3 million in home attendance in a full season for the first time since 1992.
Source: Fox News

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