By Gabe Panini
The the historic Los Angeles Dodgers baseball franchise was purchased by a group of investors called Guggenheim Partners which includes former Atlanta Braves and Washington Nationals President Stan Kasten and former Los Angeles Lakers basketball star Ervin “Magic” Johnson.
Johnson’s group beat out St. Louis Rams owner Stan Kroenki and a group that was led by hedge fun founder Steve Cohen.
The Dodgers owner Frank McCourt owned the team for eight years and struggled financially with the baseball franchise, lost a large amount of money in a bitter divorce with his wife Jamie McCourt.
McCourt bout the Dodgers for $430 million before bankruptcy and sold the team for a record amount of $2.15 billion the most a major sports team in North America has ever sold for, the previous record was $845 million paid for the Chicago Cubs by the Ricketts family in 2010.
Mark Walters, CEO of Guggenheim Partners would take over as the controlling owner.
Magic Johnson will hold a news conference on Wednesday in New York to officially announce the purchase and the future of the Dodgers.
Magic Johnson