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Johnson & Co Pay Magical $2 Billion For The Dodgers

March 28, 2012 by staff 

Johnson & Co Pay Magical $2 Billion For The Dodgers, Ending a soap opera starring owner Frank McCourt in a bitter divorce battle, the Los Angeles Dodgers have been sold for a whopping $2 billion to a group led by basketball legend Magic Johnson.

The deal price for Dodgers is by far the highest amount ever paid for a North American sports franchise. The total sales price is said to be $2.3 billion, including $2 billion for the team and stadium, plus $300 million for the surrounding land and parking lots, the Dodgers announced Tuesday night.

The controlling partner of the purchasing group, Guggenheim Baseball Management LLC, will be Mark Walter, chief executive officer of Guggenheim Partners, a Chicago-based financial services company. Apart from Johnson, the group also includes movie executive Peter Guber, baseball executive Stan Kasten, along with Bobby Patton and Todd Boehly.

It is expected that Kasten, former president of the Atlanta Braves and Washington Nationals, would be the club president and Walter is not expected to play a significant role in its day-to-day operation.

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