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. Henderson Alvarez undergoes shoulder surgery

    Jul 28, 2015, 11:22 PM EDT

    Henderson Alvarez AP

    Alvarez served as the Marlins’ Opening Day starter …

  2. Video: Jose Abreu awarded a home run after Mookie Betts flips into Fenway Park bullpen

    Jul 28, 2015, 10:05 PM EDT

    Mookie Betts AP

    Red Sox center fielder Mookie Betts tracked down a hardly hit ball from White Sox slugger Jose Abreu on Tuesday night but lost it when he fell into the bullpen …

  3. Red Sox retire Pedro Martinez’s number at Fenway Park

    Jul 28, 2015, 9:32 PM EDT

    Pedro Martinez AP

    Martinez was inducted into the Hall of Fame on Sunday.

  4. Astros “making a strong effort” for Phillies ace Cole Hamels

    Jul 28, 2015, 8:40 PM EDT

    Philadelphia Phillies v Chicago Cubs Getty Images

    Hamels would join Dallas Keuchel and Scott Kazmir in an excellent, postseason-ready Astros rotation.

  5. Mike Trout out Tuesday with left wrist injury

    Jul 28, 2015, 7:47 PM EDT

    Mike Trout AP

    Angels center fielder Mike Trout went 4-for-4 with two homers and five RBI in Sunday’s series finale against the Rangers, but he also suffered a left wrist injury in that game when he tried to make a diving catch …

  6. Angels acquire outfielders David Murphy and David DeJesus

    Jul 28, 2015, 6:54 PM EDT

    angels logo

    In a span of about 10 minutes the Angels landed two outfielders …

  7. Jenrry Mejia gets 162-game ban for second failed PED test

    Jul 28, 2015, 6:30 PM EDT

    Jenrry Mejia Jenrry Mejia

    This time it’s for both Stanozolol and Boldenone.

  8. Nationals, Phillies agree to Jonathan Papelbon trade

    Jul 28, 2015, 6:16 PM EDT

    papelbon Getty Images

    Papelbon owns a sparkling 1.59 ERA and 40/8 K/BB ratio in 39 2/3 innings this season for the Phillies, and he’s 17-for-17 in save opportunities.

  9. The Hall of Fame just made a MAJOR change to the Hall of Fame voting process

    Jul 28, 2015, 4:30 PM EDT

    Cooperstown

    Voters who are more than 10 years removed from covering the game will no longer get to vote in Hall of Fame elections

  10. Nolan Arenado is not too pleased about the Troy Tulowitzki deal

    Jul 28, 2015, 4:00 PM EDT

    Nolan Arenado Nolan Arenado

    And he thinks Carlos Gonzalez is the next one out the door. He’s probably right.

  11. Red Sox claim reliever Jean Machi off waivers from Giants

    Jul 28, 2015, 3:45 PM EDT

    Jean Machi Getty Images

    Designated for assignment by the Giants last week.

  12. Royals make another big move, get Ben Zobrist from A’s

    Jul 28, 2015, 2:40 PM EDT

    ben zobrist getty Getty Images

    General manager Dayton Moore is not messing around.

  13. Troy Tulowitzki’s greatness is not a Coors Field creation

    Jul 28, 2015, 11:50 AM EDT

    troy tulowitzki getty Getty Images

    Coors Field is powerful, but Tulowitzki is great anywhere.

  14. The Nationals are “making progress” on acquiring Jonathan Papelbon

    Jul 28, 2015, 11:33 AM EDT

    Jonathan Papelbon Getty Images

    He would be a nice addition to the Nats’ pen, but a costly one given his $13 million vesting option.

  15. Diamondbacks’ No. 1 overall pick Dansby Swanson suffers concussion, gets 14 stitches after beaning

    Jul 28, 2015, 11:19 AM EDT

    150608_DansbySwanson Getty Images

    Swanson was scheduled to join a minor-league team later this week after signing for $6.5 million.

  16. Mark Teixeira thrown out at plate, barks at his third base coach and throws trash can

    Jul 28, 2015, 11:08 AM EDT

    Screen Shot 2015-07-28 at 11.07.47 AM

    He had a right to be angry, but maybe he overdid it a bit?

Top 10 MLB Player Searches
  1. A. Rodriguez (4078)
  2. J. Cueto (3688)
  3. C. Hamels (3570)
  4. T. Tulowitzki (3097)
  5. S. Kazmir (3048)
  1. M. Trout (3030)
  2. D. Price (2957)
  3. M. Conforto (2953)
  4. C. Gonzalez (2924)
  5. J. Reyes (2912)