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Dodgers Sold to Group Led by Magic Johnson

The bankrupt team will be sold for a reported $2 billion.

The Los Angeles Dodgers have been sold to a group led by Magic Johnson, the Wall Street Journal first reported.

The sale is for a reported $2 billion, but is subject to approval in the federal bankruptcy case that current owner Dodgers Frank McCourt is involved in.

The sale comes just hours after the 29 other Major League Baseball owners approved a list of three finalists. While Johnson is the marquee name in the group, the controlling owner would be Mark Walter, CEO of the financial services firm Guggenheim Partners.

The $2 billion price tag shatters the previous record for a U.S. sports franchise. The NFL's Miami Dolphins were purchased for $1.1 billion three years ago.

Said McCourt in a statement, "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."

Control of the team is expected to transfer to Guggenheim Baseball Management LLC by the end of April.

Said Johnson, "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."


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