Los Angeles, CA – The WNBA held a press conference in front of Staples Center to announce that Ervin “Magic” Johnson and Mark Walter of the Guggenheim Partners group purchased the Los Angeles Sparks. The team which had been discussed of possibly moving out of town is staying put.
WNBA President Laurel Richie and Magic Johnson were front and center for the press conference with Sparks President Vincent Malcolm, General Manager/Executive Vice President Penny Toler and Head Coach Carol Ross.
“We are thrilled to welcome Magic Johnson and Mark Walter to the WNBA,” said WNBA president Laurel J. Richie. “With their proven track record in the business realm, their commitment to the city of Los Angeles through civic engagement, and their passion for the game of basketball, we look forward to partnering with our new owners to usher in a new era for this iconic team. This is a great day for Los Angeles, the Sparks franchise, its players, and of course, the loyal fans who have been so supportive of the team for 17 seasons.”
Guggenheim Partner purchased the team afterÂ Williams Group Holdings Paula Madison said that her company would no longer to be able to invest into the franchise. During the time Madison’s company owned the team had lost almost $12 million and was projected to lose more than a $1 million in the upcoming 2014 season.
The WNBA will release the 2014 schedule this week. View this morning press conference: