Magic Johnson & Others Buy Dodgers for $2 Billion

Tuesday night, Magic Johnson, along with baseball executive Stan Kasten and other business men, announced that they plan to buy the Los Angeles Dodgers for $2 billion. The Wall Street Journal reports,

Basketball legend Magic Johnson led a group that won an auction for the Los Angeles Dodgers baseball team Tuesday night, marking the final chapter in a soap-opera-style saga for the legendary franchise. With a bid of $2.15 billion, including the surrounding land, Mr. Johnson, controlling partner Mark Walter and partners Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly beat out a group of some of the wealthiest businessmen in the country to land a team that is one of Major League Baseball’s flagship franchises. The sales figure shatters the previous record sales price for a U.S. sports franchise, Steve Ross’s purchase of the Miami Dolphins for $1.1 billion three years ago.

In a statement, Johnson said of the deal,

“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…”

Read the full story here.