LOS ANGELES (ACNI) – The Associated Press and other media agencies are reporting that Guggenheim Baseball Management LLC – a group headed by basketball legend and entrepreneur Magic Johnson – will pay two billion dollars to acquire the Los Angeles Dodgers baseball team. A joint statement issued Tuesday by the purchasers and the team’s owner, Frank McCourt, confirmed that a deal was reached that will enable the financially struggling West Coast sports franchise to avoid Chapter 11 bankruptcy.
Johnson’s partners include former Atlanta Braves and Washington Nationals president Stan Kasten, controlling partner Mark Walter, Mandalay Entertainment chief executive Peter Guber, Bobby Patton and Todd Boehly.
The previous record price paid for a North American sports team was $1.1 billion for the Miami Dolphins in 2009.
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Associated Press contributed to this report.
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