Sold! Magic Johnson’s Group Buys The Los Angeles Dodgers For Record-Breaking $2 Billion
March 28 2012, Published 3:30 p.m. ET
By Debbie Emery - Breaking Celebrity News Reporter
Los Angeles Dodgers fans breathed a joint sigh of relief when it was announced on Tuesday night that a group led by NBA legend Magic Johnson is buying the down-on-their-luck franchise for a whopping $2 billion.
The announcement of the sale from former owner Frank McCourt ended months of uncertainty over the team’s future after he filed bankruptcy last year in the wake of a bitter divorce.
"I am thrilled to be part of the historic Dodgers franchise," Los Angeles Lakers legend Johnson said in the statement, adding that the new owners "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."
It is hoped that the influx of new income and energy from the group, which includes baseball executive Stan Kasten and movie executive Peter Guber, will cure three years of turmoil and losing records for the team, who has not won the World Series since 1980.
The record-breaking sale will be confirmed in a court hearing on April 13 and the legal transaction is set to close by April 30, the same day McCourt must pay his ex-wife Jamie $131 million in a divorce settlement. If the deal closes as expected, the Dodgers would be owned by an entity called Guggenheim Baseball Partners.
The high ticket price blows away big team sales previously topped by Stephen Ross, who paid $1.1 billion for the NFL’s Miami Dolphins in 2009, and in Malcolm Glazer’s purchase of England’s Manchester United soccer club in 2005 for $1.47 billion.
Hollywood stars and the sports world’s top athletes took to Twitter on Wednesday to celebrate the good news for the LA-based team.
“I'm