NBA legend Magic Johnson is now part owner of the Los Angeles Dodgers. His investment group signed a record breaking $2 billion dollar deal yesterday.
Frank McCourt is out. Late last night McCourt confirmed the deal had been made and stated that Johnson and the team should be together by the end of April.
Magic said in a statement, “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.”
Magic is the face of Guggenheim Partners, the investment company that signed the deal. The actual controlling partner for the Dodgers will be GP CEO Mark Walter.
One stipulation in the deal states that McCourt will be allowed to buy the land around the Dodger Stadium for $150 million which include the parking lots that generate a great deal of revenue.
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