Posted March 28, 2012 by DJ Enuff in Sports

Magic-led group buys Dodgers!

@SportsBata ..nuff said

“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,” Johnson said in a statement.

“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,” McCourt said in a statement.

Said Dodgers general manager Ned Colletti: “We’re thrilled that the bidding process has concluded and certainly looking forward to working with the new ownership group to bring another world series championship to L.A. I think it’s tremendous for the city and the fans of the Dodgers.”

He added: “I think it was important to have deep L.A. roots, and that is what this group also brings. I think that is important to the fans, especially those in Southern California. Magic is not only a great basketball player, but also a great businessman in the city.” – espn

Laker Legend Magic Johnson representing the Guggenheim Management Group, purchased the LA Dodgers for a record $2 Billion on Tuesday night! The deal is the biggest in sports history; Stephen Ross purchased the #NFL Miami Dolphins in 2009 for $1.1 Billion! Magic and the other leading investor Stan Masten purchased the franchise from previous owner Frank McCourt! McCourt will still retain half of the parking lot property; estimated worth of $150 Million.

The acquiring group, called Guggenheim Baseball Management, has several other investors, among them Mandalay Entertainment chief executive Peter Guber, Guggenheim Partners president Todd Boehly and Bobby Patton, who operates oil and gas properties among his investments. Kasten is the former president of the Atlanta Braves and Washington Nationals. Kasten is expected to head the day-to-day executive duties. – espn

McCourt purchased the franchise in 2004 for $430 Million. McCourt was gradually sinking the Dodgers investment, and the Dodgers owe $569 Million as of Jan 2012. His recent divorce ended up costing around $131 Million. #MLB took over for the Dodgers , last year, protecting the franchise investments and financial stability through the proceeding of the divorce. Check out former Dodger skipper Tommy Lasorda and Lakers’ Kobe Bryant comments below!

“If they invested that much money, I’m sure they’ll invest to get us a winner,” said Tommy Lasorda, the Dodgers’ retired Hall of Fame manager. “I wish them all the luck, and I admire them. I know both of them. I know Magic from the day he came into Los Angeles as a basketball player for the Lakers.” – espn

“I’m upset he didn’t cut me in,” Bryant said. “I’m going to have to talk to him about that.

“I’m happy for him,” he added. “Everybody knows how well he’s loved in Los Angeles, and he’s started another chapter in his life, another chapter in his post-NBA career, [by] rebuilding the Dodgers franchise.” – espn