Magic Johnson wins Dodger bid
Earvin ‘Magic’ Johnson says he is thrilled to have the winning bid for one of baseball’s most storied franchises — the Los Angeles Dodgers, and he hopes to drive the Dodgers back to the front page of the sports section in Los Angeles.
Earvin Johnson’s group, Guggenheim Baseball Management LLC, put together the financing and purchased the club from Frank McCourt for $2 billion. The deal includes shared ownership of the parking lot, which had been an obstacle. Frank McCourt will get to be in on future land developments. Mark Walter is to serve as the group’s actual controlling partner. The Johnson group also includes former Atlanta Braves and Washington Nationals president Stan Kasten.
The deal must still be approved by a bankruptcy court by April 30. Next month, Frank McCourt has to make a multi-million dollar payment to his former wife Jamie as part of their very public divorce settlement.