Magic Johnson Helps Buy L.A. Dodgers for $2.15 Billion
Sold! For $2.15 billion.
Magic Johnson and a group of similarly deep-pocketed investors were the winning bidders at an auction on Tuesday night to buy the Los Angeles Dodgers for a staggering $2.15 billion -- easily breaking previous records for the amount of money shelled out for a U.S. sports franchise.
(Steve Ross bought the Miami Dolphins for $1.1 billion.)
Racked by debt, the legendary Dodgers had been previously owned by Frank MCourt; McCourt will enter into a new venture with Johnson et al on the land surrounding the Dodgers stadium.
"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," former L.A. Laker Johnson, 52, said in a statement.
McCourt said the agreement "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."