Dodgers sold for record 2 billion dollars to group headlined by Magic Johnson


Late Tuesday night, one of the crown jewel franchises of Major League Baseball, the Los Angeles Dodgers, was sold for a record 2 billion dollars.

Previous owner Frank MCcourt filed bankruptcy for the club last June, and it was mandated by Comissioner Bud Selig that McCourt sale the team. McCourt bought the team in 2004 for 430 million dollars, but a recent divorce caused major financial strain which ultimately lead to the sell.

Los Angeles legend Magic Johnson, who played and won titles for the Lakers decades ago, is part of the group that is buying the legendary Dodgers. Mark Walter, CEO of the financial services firm Guggenheim Partners, becomes the controlling owner while Magic will become the public owner.

This sale breaks the previous record for a franchise that was held by the Cubs, when they were sold in 2009 for 845 million dollars.

The Dodgers finished in third place in the National League West last season with 82 wins. Cy Young award winner Clayton Kershaw is due to hit the free agent market in 2013 after reaching an agreement in arbitration this winter, and it will be Magic Johnson’s job to keep the Dodgers ace in those classic blue uniforms for an extended period of time.