Magic Johnson group to buy Los Angeles Dodgers for $2 billion
Around Los Angeles, a lot of people were rooting for the Magic Johnson group to win the bidding war for the Dodgers. Well, mostly what Dodger fans wanted was Frank McCourt out of the picture and replaced by anyone not named Jamie McCourt.
But if they got to choose a replacement, Magic was at the top of most lists — he’s a sports icon, a businessman and someone who gets the city.
Well, they got their wish.
Magic Johnson’s group won the bidding war and will get the Dodgers for a cool $2 billion. Yes, with a “B.” We’re calling it the Magic group but it is really the Guggenheim Baseball Management LLC (“GBM”) which has Mark R. Walter as the controlling partner (read: guy with all the real money), as well Warriors co-owner Peter Guber, baseball guy Stan Kasten and others. McCourt and some other investors will stay on as part owners of the valuable parking lot around the stadium. (Most Dodger fans would like McCourts seats to be out there.)
Magic had been a minority owner in the Lakers (about five percent) but sold that looking to get a larger role with another sports organization. He’s found it.