NBA legend and business mogul Earvin “Magic” Johnson and a group of investors won the bidding to purchase the Los Angeles Dodgers franchise from embattled owner Frank McCourt, according to multiple sources. Johnson’s group will be purchasing the Dodgers for a reported $2 billion:
“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,” said the 52-year-old Johnson.
The group is officially named Guggenheim Baseball Management and, aside from Magic, includes Mark R. Walter (the controlling partner), Stan Kasten (former president of the Washington Nationals), Peter Guber, Bobby Patton and Todd Boehly.
Johnson’s group purchases a promising Dodgers franchise that features a solid young core with outfielder Matt Kemp and pitcher Clayton Kershaw. The Dodgers finished the 2011 season with a 82-79 record despite the distraction of the McCourts’ ugly divorce proceedings.
Johnson is a Los Angeles icon and has transitioned from NBA superstar to a successful business man, owning numerous properties throughout the Los Angeles inner city area. Johnson becomes the second minority owner of a sports franchise in the Los Angeles area, joining Angels owner Arte Moreno who purchased the Angels from Disney in 2003.
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