One L.A institution is buying another.
A group that includes previous L.A Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed to buy the Los Angeles Dodgers from Frank McCourt for a record $2 billion.
The value could splinter the mark for a sports franchise. Stephen Ross paid $1.1 bill for the NFL’s Miami Dolphins in 2009, and in Britain, Malcolm Glazer and his family took control of the Manchester United soccer club in 2005 in a deal then priced at $1.47 billion. Football lines.
The agreement, made public about 5 hours after Major League Baseball owners authorized 3 finalists for an intended auction, is one of several steps towards a sale of the team by the end of April. It is subject to approval in Federal bankruptcy court.
“I am excited to be a part of the historic Dodger franchise and intend to build on the wonderful foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our excellent community of Los Angeles,” Johnson declared in a press release.
Claimed Dodgers general manager Ned Colletti: “We’re excited that the bidding procedure has complete and actually anticipating working with the new possession group to deliver another World Series championship to Los Angeles I believe it’s tremendous for the city and the followers of the Dodgers.”
He added: “I feel it was vital to have deep Los Angeles Roots, and that’s what this group also brings. I believe that’s crucial to the followers, especially those in Southern California. Magic isn’t just a wonderful basketball player, but also a good businessman in the city.”
As an element of the contract, the Dodgers claimed McCourt and “certain associates of the purchasers” would get the land surrounding Dodger Stadium, including its parking lots, for $150 million. Sources with awareness of the situation said that means the group will pay for 1/2 the Dodger Stadium parking lots, which were deemed to have a complete price of $300 million, with McCourt keeping the other half. The resource said it has yet to be determined how that association will work and whether the new possession party still will be made to lease the McCourt-owned half of the lots.
“If they invested that much cash, I’m sure they will invest to get us a winner,” said Tommy Lasorda, the Dodgers’ retired Hall of fame executive. “I wish them all the luck, and I admire them. I know both of them. I know Magic from the day he came into L.A as a basketball player for the Lakers.”
The 52-year-old Johnson played 13 seasons for the Lakers, winning 5 NBA championships and 3 MVP awards in a Hall-Of-Fame career. Football betting lines.
He retired from the NBA in 1991 after being diagnosed with HIV, the pathogen that causes AIDS. He quickly came out of retirement in the 1995-96 season and had a short stint coaching the Lakers. Since leaving basketball, he’s been prosperous in business, investing in movie theaters, a production company and restaurants.