Dodgers Reach Deal With Magic’s Group

March 28, 2012 by staff 

Dodgers Reach Deal With Magic’s Group, Do you believe in Magic? For an astounding $2.15 billion dollars, a sum decided Tuesday night, Frank McCourt believes. That’s how much the Los Angeles Dodgers will cost Magic Johnson’s group, the Wall Street Journal reports.

Johnson’s consortium beat out two others – one that included St. Louis Rams owner Stan Kroenke, and another that included billionaire Steve Cohen and former major league manager Tony La Russa.

The record amount for a major league team would top the $845 million the Ricketts family paid in 2010 for the Chicago Cubs and, most importantly to Dodgers fans, would take McCourt out of the Dodgers ownership loop after eight years. McCourt bought the franchise for $430 million but took into into bankruptcy. Well, he won’t be bankrupt anymore once the deal closes.

Bill Shaikin of the Los Angeles Times reports that there was no auction for the team, and that Magic’s group also would control the parking lots around Dodger Stadium. (McCourt reportedly had been haggling over them.)

Johnson plans a news conference Wednesday in New York (but it’s highly unlikely that he’s moving the Dodgers back to Brooklyn).

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