Skip to content

Magic Johnson’s group agrees to buy Dodgers for record price of $2 billion

Mar 27, 2012, 11:17 PM EDT

"The Mountaintop" Broadway Opening Night - Arrivals & Curtain Call Getty Images

UPDATE: Here’s the text from the press release, officially announcing word of the agreement between the two sides:

The Los Angeles Dodgers and Frank McCourt today announced an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process.  The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.  Mr. 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.

The Los Angeles Dodgers stated, “This transaction underscores the Debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full.”

Frank McCourt stated, “This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community.  We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.”

Earvin “Magic” Johnson stated, “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.”

11:08 PM: Whoa. Dennis K. Berman of the Wall Street Journal reports that Johnson’s group have agreed to purchase the Dodgers for $2 billion. One would think this offer would be good enough to include the parking lots, right?

The good news is that Dodgers fans will have the most popular sports figure in Los Angeles as part of the new ownership group, but McCourt is going to walk away from this thing filthy, stinkin’ rich.

11:06 PM: It’s Showtime.

Details are scarce at the moment, but Ken Gurnick of MLB.com reports that the Dodgers have reached an agreement to be sold to the group led by Magic Johnson and longtime MLB and NBA executive Stan Kasten.

MLB owners had approved the groups led by billionaire hedge-fund manager Steve Cohen and St. Louis Rams owner Stan Kroenke, but outgoing owner Frank McCourt has apparently identified Johnson’s group as the winning bidder. No word yet on the exact terms, but most estimates had the sale price to exceed $1.5 billion, which would establish a new record for a North American sports franchise.

Latest Posts
  1. Ike Davis solid in debut with Pirates

    Apr 19, 2014, 11:45 PM EDT

    Ike Davis Ike Davis

    Ike Davis makes a good impression with his new team.

  2. Evan Longoria becomes Rays franchise leader with 164th career home run

    Apr 19, 2014, 11:10 PM EDT

    New York Yankees v Tampa Bay Rays Getty Images

    Evan Longoria climbs to the top of yet another Rays franchise leaderboard.

  3. John Lannan accepts assignment to Triple-A Las Vegas

    Apr 19, 2014, 10:30 PM EDT

    Cincinnati Reds v New York Mets Cincinnati Reds v New York Mets

    John Lannan will report to Triple-A Las Vegas after being outrighted on Wednesday by the Mets.

  4. Chris Snyder retires, ending ten-year career

    Apr 19, 2014, 9:50 PM EDT

    Chris Snyder, Andres Torres Chris Snyder, Andres Torres

    Veteran Chris Snyder hangs up the spikes, ending a ten-year stint in the big leagues.

  5. Rangers place Jim Adduci on DL; promote top prospect Luis Sardinas

    Apr 19, 2014, 9:00 PM EDT

    Jim Adduci Jim Adduci

    The Rangers lost Jim Adduci with a broken finger, but have called up one of their top prospects.

  6. Gavin Floyd to make at least two more rehab starts

    Apr 19, 2014, 8:15 PM EDT

    Gavin Floyd Gavin Floyd

    The Braves could get Gavin Floyd back in early May after he makes at least two more rehab starts.

  7. Video: Camera guy falls following J.B. Shuck after he hit a lead-off homer

    Apr 19, 2014, 7:35 PM EDT

    Los Angeles Angels of Anaheim v Detroit Tigers Getty Images

    The camera guy made a faux pas during the first inning of Saturday’s Angels-Tigers game.

  8. Dontrelle Willis considering becoming a pitching coach

    Apr 19, 2014, 6:55 PM EDT

    Cincinnati Reds v Chicago Cubs Getty Images

    With his playing career likely over, Dontrelle Willis is now considering becoming a pitching coach.

  9. Mike Trout did something for the first time on Saturday

    Apr 19, 2014, 6:00 PM EDT

    Mike Trout Mike Trout

    Mike Trout attached his name to an ignominious feat on Saturday against the Tigers.

  10. Manny Machado plays in first extended spring training game, nears official rehab stint

    Apr 19, 2014, 5:30 PM EDT

    Manny Machado AP AP

    Orioles third baseman Manny Machado continues to make progress from knee surgery. He played five innings at third base and took four at-bats today in an extended spring training game.

  11. Bryce Harper pulled from Saturday’s game for not hustling

    Apr 19, 2014, 4:30 PM EDT

    Bryce Harper Getty Getty Images

    Nationals manager Matt Williams decided to pull Bryce Harper from today’s game after he didn’t hustle on a comebacker to the pitcher.

  12. Pirates designate Travis Ishikawa for assignment to make room for Ike Davis

    Apr 19, 2014, 4:28 PM EDT

    Travis Ishikawa Getty Getty Images

    Ike Davis will bat sixth in his Pirates debut this evening against the Brewers.

  13. David Robertson declares himself “ready to go” after extended spring training game

    Apr 19, 2014, 3:31 PM EDT

    David Robertson AP

    Yankees closer David Robertson is on track to be activated Tuesday.

  14. Cole Hamels to join Phillies’ rotation next Wednesday

    Apr 19, 2014, 2:29 PM EDT

    Cole Hamels AP AP

    Cole Hamels is on track to face the Dodgers next Wednesday in Los Angeles.

  15. Reds activate reliever Sean Marshall from the disabled list

    Apr 19, 2014, 1:16 PM EDT

    Sean Marshall Getty Getty Images

    The Reds are hoping that Sean Marshall’s shoulder issues are behind him.

  16. Denard Span activated from 7-day concussion disabled list

    Apr 19, 2014, 11:50 AM EDT

    denard span getty Getty Images

    Denard Span had no issues during a brief minor league rehab assignment.

  17. Cesar Cabral designated for assignment by Yankees after rough night on the mound

    Apr 19, 2014, 11:01 AM EDT

    Cesar Cabral AP AP

    Cesar Cabral was ejected after hitting three batters Friday against the Rays. And then his night got worse.

  18. Report: MLB likely to adjust rules for plays at home and transfer catches

    Apr 19, 2014, 10:10 AM EDT

    transfer rule

    Adjustments to each rule could be made soon.

  19. VIDEO: Albert Pujols’ 497th career home run

    Apr 19, 2014, 9:21 AM EDT

    Albert Pujols AP AP

    Angels first baseman Albert Pujols is closing in on a milestone.

Featured video

This was 'the perfect baseball game'
Top 10 MLB Player Searches
  1. S. Kazmir (5416)
  2. G. Springer (3758)
  3. M. Machado (3080)
  4. K. Uehara (2736)
  5. C. Kimbrel (2655)
  1. B. Harper (2654)
  2. D. Pedroia (2510)
  3. J. Reyes (2462)
  4. J. Chavez (2422)
  5. C. Granderson (2411)