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. And That Happened: Sunday’s scores and highlights

    Jul 6, 2015, 7:03 AM EDT

    Justin Verlander Getty Images

    Justin Verlander, doing the same things over and over and expecting different results.

  2. Mariners will activate Hisashi Iwakuma from the disabled list on Monday

    Jul 5, 2015, 10:25 PM EDT

    Hisashi Iwakuma Hisashi Iwakuma

    Hisashi Iwakuma will be activated on Monday. He hasn’t started since April 20.

  3. Braves designate Nick Masset and Dana Eveland for assignment

    Jul 5, 2015, 9:35 PM EDT

    Dana Eveland Dana Eveland

    The Braves designated a pair of veteran relievers for assignment following Sunday’s loss to the Phillies.

  4. It looks like Eric Surkamp will start for the Dodgers on Monday

    Jul 5, 2015, 8:45 PM EDT

    Eric Surkamp Eric Surkamp

    The pitching-thin Dodgers will call on Eric Surkamp to start on Monday, it appears.

  5. AL and NL Starters for the 2015 All-Star Game announced

    Jul 5, 2015, 7:48 PM EDT

    150705_BryceHarperMikeTrout Getty Images

    Find out who made the starting rosters for the AL and NL squads in the 2015 All-Star Game. Spoiler: no Omar Infante.

  6. Pirates claim Travis Ishikawa off waivers from the Giants

    Jul 5, 2015, 7:45 PM EDT

    Travis Ishikawa Travis Ishikawa

    The Pirates added some depth, claiming Travis Ishikawa off waivers from the Giants on Sunday.

  7. Marlins option Marcell Ozuna to Triple-A

    Jul 5, 2015, 6:55 PM EDT

    Marcell Ozuna Marcell Ozuna

    Marcell Ozuna has slumped badly over his last 10 games and will try to figure things out at Triple-A.

  8. That time Manny Ramirez nearly became a Met

    Jul 5, 2015, 6:05 PM EDT

    Manny Ramirez Manny Ramirez

    Newsday’s David Lennon details how the Mets were close to trading for Manny Ramirez back in 2005.

  9. Stephen Strasburg lands on disabled list with oblique strain

    Jul 5, 2015, 4:15 PM EDT

    Stephen Strasburg pitches for the Harrisburg Senators, June 17, 2015 Stephen Strasburg pitches for the Harrisburg Senators, June 17, 2015

    Strasburg suffered the oblique strain Saturday in his start against the Giants. He had thrown 3 2/3 scoreless innings in that outing and was also sharp in his previous two starts since returning from a trapezius injury.

  10. Phillies acquire No. 1 international signing slot for 2015-2016 from the Diamondbacks

    Jul 5, 2015, 3:02 PM EDT

    phillies logo

    It looks, at first glance, like another smart rebuilding move for the determined-to-rebuild Phils.

  11. Cardinals put Jaime Garcia on disabled list with groin injury

    Jul 5, 2015, 1:46 PM EDT

    Jaime Garcia AP

    Garcia boasts a 1.69 ERA and 0.88 WHIP in seven starts (48 innings) this season. He’s missed a ton of time to injuries in his career, but most of the major problems have been elbow- and shoulder-related.

  12. Cubs get Jorge Soler back from ankle sprain

    Jul 5, 2015, 12:24 PM EDT

    Jorge Soler Jorge Soler

    Soler wound up missing over a month with a sprained left ankle.

  13. Orioles activate Jonathan Schoop after 10-week absence

    Jul 5, 2015, 11:19 AM EDT

    Jonathan Schoop Jonathan Schoop

    Schoop originally landed on the disabled list on April 18 after being diagnosed with both a PCL tear and MCL strain in his left knee.

  14. Video: Major League Baseball celebrates Independence Day

    Jul 5, 2015, 10:32 AM EDT

    Colorado Rockies v Arizona Diamondbacks Getty Images

    Check out this wrap-around style montage of all the July 4 action in Major League Baseball …

  15. Josh Hamilton may be headed back to the disabled list

    Jul 5, 2015, 9:40 AM EDT

    hamilton1000 Getty Images

    Josh Hamilton has a .954 OPS in 10 games with the Rangers. The problem is he’s only played in 10 games.

  16. Settling the Score: Saturday’s results

    Jul 5, 2015, 8:53 AM EDT

    C.J. Cron AP

    The best fireworks on July 4 came from the Angels.

  17. Rangers option Chi Chi Gonzalez back to Triple-A

    Jul 4, 2015, 11:55 PM EDT

    Chi Chi Gonzalez Chi Chi Gonzalez

    Chi Chi Gonzalez posted good results in his first seven major league starts, but he’ll cede his rotation spot to Matt Harrison and head back to Triple-A.

  18. Video: Kris Bryant hits a grand slam as part of a two-homer, six-RBI night

    Jul 4, 2015, 10:45 PM EDT

    Kris Bryant AP

    Kris Bryant had a monster night at the plate on Saturday against the Marlins.

Top 10 MLB Player Searches
  1. J. Hamilton (3407)
  2. J. Ellsbury (3275)
  3. M. Sano (3194)
  4. P. Corbin (2937)
  5. S. Gray (2781)
  1. M. Moore (2763)
  2. B. Harper (2687)
  3. J. Soler (2619)
  4. M. Cabrera (2608)
  5. M. Banuelos (2565)