Magic Johnson Buys Dodgers with Mark Walter, Stan Kasten, Peter Guber
LOS ANGELES (LALATE) – Magic Johnson has bought the Los Angeles Dodgers. Magic Johnson is the Los Angeles Dodgers’ new owner after his group lead by Mark Walter and featuring Stan Kasten and Peter Guber won the bidding process late tonight. The official positions and details of the deal were announced moments ago.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, is the new controlling owner of the Dodgers. Other members of the team were Johnson, Kasten and Guber. The purchasing group is called Guggenheim Baseball Management.
The big shocker, however, is the sales price. How much did the Dodgers sell for? If you think the price was $1 billion, think again. Frank McCourt bought the Dodgers in 2004 for $430 million. That buy, however, included not just the team and the stadium, but also two hundred fifty acres of land and the parking lots. Tonight’s sale price which does not include the parking lots and the acres of land was a jaw-dropping $2 billion.
Former Atlanta Braves and Washington Nationals president Stan Kasten is expected to manage the day to day operations of the new team. “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 Johnson said in a news statement.
Other partners include Bobby Patton and Todd Boehly. The sale was handled by Blackstone LP. On Tuesday night, three finalists were selected by Major League Baseball. The winner was announced following a live auction conducted by McCourt.
“This transaction underscores the Debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full” said the Dodgers in a statement.” He added that the sale “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.”