Do you believe in Magic?
Magic Johnson‘s bidding group reached a deal to purchase the Los Angeles Dodgers and Dodger Stadium from Frank McCourt for a whopping $2 billion — the highest amount ever paid for a sports franchise. Bankruptcy judge Kevin Gross is expected to approve of the deal on April 13, a little over two weeks before McCourt must pay his ex-wife Jamie $131 million as part of their divorce settlement.
Guggenheim Baseball Management LLC are the official owners, which include Johnson, Mark R. Walter, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. The controlling owner is Walter, chief executive officer of the financial services company. Kasten, the former president of the Washington Nationals and Atlanta Braves, is expected to run the day-to-day operations.