Magic Johnson is part of a group buying the Los Angeles Sparks of the WNBA.
The former Lakers great will take over a franchise that's been looking for new ownership the past six weeks.
WNBA President Laurel Richie tells The Associated Press that she's "thrilled" to have the Hall of Famer involved with the league. Johnson was a part owner of the NBA's Los Angeles Lakers for a decade before selling his share of the team in 2011.
Johnson and Mark Walter teamed with a group of investors to buy baseball's Los Angeles Dodgers in 2012 for a record $2.15 billion. It will be the same group owning the Sparks, minus Peter Guber, who owns a stake in the NBA's Golden State Warriors.
The WNBA will announce the Sparks' new ownership at a news conference Wednesday outside Staples Center.