Ervin “Magic” Johnson, the former Los Angeles Lakers and local business man can now add owner of the Los Angeles Dodgers. Frank McCourt agreed to sell the storied franchise to the ownership group led by Johnson for $2 billion.
The ownership group entitled, Guggenheim Baseball Management also included former Atlanta Braves and Washington Nationals president Stan Kasten, chief executive Peter Guner of Mandalay Entertainment and Mark Walter the chief executive officer of the financial services firm Guggenheim Partners will be the controlling owner of the franchise.
McCourt was forced to sell the franchise after the divorce between him and Jaime McCourt led to Frank landing him in bankruptcy court. In the agreement officials of the Dodgers said, McCourt and “certain affiliates of the purchasers” would acquire the land around Dodger Stadium for $150 million. McCourt said, “The 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.”
The Dodgers current owner is expected to make a full transfer of the team by the end of April. Johnson said about the purchase, “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.”