$2.15 Billion record deal set by Magic Johnson and his group buying Los Angeles Dodgers on BrowseBiography


$2.15 Billion record deal set by Magic Johnson and his group buying Los Angeles Dodgers

Mark Walter, the chief executive officer of the financial services firm Guggenheim Partners bought on Wednesday the Los Angeles Dodgers from Frank McCourt for a record $2.15 billion. The financial services firm also include former Los Angeles Lakers star Earvin 'Magic' Johnson, as well as longtime baseball executive Stan Kasten.

There's been a lot of debate over the last year or so on that should buy and ultimately take over as the owner for the storied MLB franchise. Flamboyant owner of the defending NBA champion Dallas Mavericks, Mark Cuban, was in the running for quite some time and appeared to be the right choice in terms of turning this team around financially and on the field. With the Mavs being the perfect example of what he could do, it was hard to argue that Cuban wasn’t a good fit in Los Angeles.

Despite Cuban getting a lot of support from Dodgers fans to buy the team and become the new owner, the outspoken NBA owner wasn't in the running for long and the clear favorite afterwards was Los Angeles Lakers legend Magic Johnson.

Even though Johnson wasn't the sole contributor like Cuban, the Lakers legend was an ideal fit as he still plays a big part in L.A. and remains a fan favorite, and well-liked businessman. With that being said, Johnson's group was able to come up with $2.15 billion to buy the Dodgers from Frank McCourt and start a new era of Dodgers baseball in the City of Angels.

The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court.

"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," Johnson said in a statement Tuesday.

Appearing on ESPN's "Baseball Tonight" on Wednesday, Johnson said that he'll have an office at Dodger Stadium, but that Kasten is "the baseball man. I won't get in Stan's way. I won't get in our manager's way," he said, but added, "I will be heavily involved. I'm writing a big check here."

Johnson said his role would include recruiting free agents, and while he can't talk hitting or pitching with players, he "can talk winning." Johnson said that he will help "sell the Dodger brand" to fans who might have turned their back on the team during the recent turmoil.

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