Magic Johnson group purchases LA Dodgers for $2 Billion

Magic Johnson and his ownership group (Guggenheim Baseball management group) have purchased the Los Angeles Dodgers for $2.15 billion. The largest price paid for a professional sports franchise in history. Also apart of the ownership group,  Peter Guber-who is also one of the owners of the Golden State Warriors, Stan Kasten (former President of the Washington Nationals), Bobby Patton and Todd Boehly. Mark Walter of Guggenheim Partners is the controlling partner.

“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.

This group is a perfect mix of funding, experience and a great face for ownership. Magic’s deep ties to the city will certainly prove beneficial as the work begins to bring good feelings back after the last few tumtulous years with the McCourts.

The sale came five hours after Major League Baseball owners approved three finalists for the auction.

McCourt is somehow retaining or sharing ownership of the parking lots outside of Dodger stadium. (cash cow!)

I’m sure the elevated price tag has everything to do with the idea of creating a Dodgers network similar to the deal the Lakers made with Time Warner and like the Yankees have in New York.

Congratulations to Magic. I really wish more NBA   Athletes would talk to Magic about how he made that transition into the business side.