After months and month of negotiation, the Los Angeles Dodgers have finally been sold to a group led by L.A. Lakers Hall of Famer Magic Johnson and controlling partner Mark R. Walter. The deal is reportedly for $2 billion dollars, which would shatter any previous deals to acquire a professional sports franchise.
A messy divorce led owner Frank McCourt to look for a group of suitors to purchase his team. Attendance in Los Angeles was at an all-time low last season with the club struggling to stay competitive throughout the summer months.
Among the potential buyers were Mark Cuban and Joe Torre. Neither had comment on Tuesday evening.
Said McCourt, "This agreement with Guggenheim 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. We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer."
The new ownership group has very strong ties to the SoCal area, and this looks like a very successful purchase on paper. The Dodgers can now look forward to an expanded budget and the freedom to pursue trades and free agents for years to come, something they had been severely limited by with a sale pending of the organization.
"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." said Johnson.
For more on the Dodgers, head over to True Blue LA.