Los Angeles Dodgers owner Frank McCourt has announced an agreement Tuesday to sell the bankrupt team for $2 billion to a group that includes former Los Angeles Lakers Magic Johnson and former Atlanta Braves and Washington Nationals President Stan Kasten in Los Angeles on Tuesday, March 27, 2012. (Keith Birmingham/Staff Photographer)
By J.P. Hoornstra, Staff Writer
Posted: 03/27/2012 11:13:05 PM PDT
Updated: 03/28/2012 12:15:12 AM PDT
The road was rocky, but the end was Magic.
A saga for control of the Dodgers more than a year in the making culminated with Tuesday’s announcement that a group led by Magic Johnson had been selected to purchase the team from outgoing owner Frank McCourt.
The group, Guggenheim Baseball Management LLC, will acquire the team for $2 billion upon completion of the closing process, according to a joint statement released late Tuesday. The group includes Johnson, former Atlanta Braves and Washington Nationals president Stan Kasten, controlling partner Mark Walter, Mandalay Entertainment chief executive Peter Guber, Bobby Patton and Todd Boehly.
Read the rest of this entry »