A group led by NBA Hall of Famer Magic Johnson has agreed to buy the Los Angeles Dodgers for a record $2 billion dollars. Other investors in the group include:
Mark Walter-CEO of Guggenheim Capital
Stan Kasten-Former president of Washington Nationals
Peter Guber-Hollywood producer
Todd Boehly-President of Guggenheim Partners
Bobby Patton-Oil and Gas investor
Johnson’s acumen as a businessman speaks for itself. He’s a minority owner in the Los Angeles Lakers, owns chains of restaurants and gyms and is currently working with Cavs owner Dan Gilbert on a private equity initiative to help small businesses.
He released a statement after the deal was announced:
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. We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.
MLB must be absolutely thrilled to have Magic and rid itself of the McCourt maniacs. Some semblance of continuity within ownership and management will inevitably lead to success on the field for the Dodgers. Helps that Magic said he’s going to start calling free agents this summer.