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Wednesday, March 28, 2012

MAGIC JOHNSON GROUP PURCHASE LA DODGERS FOR 2 BILLION DOLLARS

Is there nothing  52 year old Magic Johnson doesn't own?   From Starbucks, to movie theatres Magic Johnson runs LA.  A group that includes former Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Dodgers from Frank McCourt for a record $2 billion.

The price would shatter the mark for a sports franchise. Stephen Ross paid $1.1 billion for the NFL's Miami Dolphins in 2009, and in England, Malcolm Glazer and his family took over the Manchester United soccer club in 2005 in a deal then valued at $1.47 billion.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner.

The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court.


"If they invested that much money, I'm sure they'll invest to get us a winner," said Tommy Lasorda, the Dodgers' retired Hall of Fame manager. "I wish them all the luck, and I admire them. I know both of them. I know Magic from the day he came into Los Angeles as a basketball player for the Lakers."
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