New Owner Magic Johnson Looks Great in Dodger Blue
Via MLB Trade Rumors, the Magic Johnson/Stan Kasten team won the rights to the Dodgers with a staggering $2 billion bid, the highest amount ever paid for a North American sports franchise. (Outgoing owner Frank McCourt acquired the club for $430 million in 2004.)
The sale officially is to Guggenheim Baseball Management LLC, which includes Mark R. Walter as its controlling partner, Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Current owner Frank McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.
“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.