Play Ball: Magic Johnson Buys L.A. Dodgers For 2 Billion Dollars

28
Mar

A few theater and hotel franchises, then a TV Network, and now – it looks like NBA legend Magic Johnson is hitting his next venture close to home as the former athlete has set his sights on the Los Angeles Dodgers baseball team. 

The former L.A. Lakers player has just made a two billion dollar bid for the coveted baseball team. According to TMZ, Johnson secured the two billion from his investment group, Guggenheim Partners. Although Magic bid is not small by any means, he will only part owner of the team. The CEO of Guggheim Partners will have the controlling stake in the Dodgers.

Magic and his partners bought their stake from Frank McCourt and the deal was announced by the two late Tuesday night. Frank McCourt did not leave empty handed as he also acquired the option to buy the land surrounding Dodgers Stadium.

While McCourt doesn’t own the team anymore, he will own the overpriced parking lots. McCourt’s purchase of the land around the stadium will cost him a cool $150 million.

Magic Johnson will take his seat in the owner’s box some time in April after the federal bankruptcy court signs off on the deal.

OF course, MSDTV will keep you posted. Stay Tuned.