A group that includes former Los Angeles Lakers star Magic Johnson and longtime baseball executive Stan Kasten have agreed to buy the Los Angeles Dodgers for a record $2 billion. After a bidding process the bankrupt team was successfully bought by the group, Guggenheim Baseball Management. The group also includes 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.
As part of the agreement the Guggenheim group would also acquire half of Dodger’s Stadium parking lot, valued at $300 million and McCourt the former owner would keep the other half. The group will also be able to sell broadcasting rights to Dodgers games beginning in 2014.
The former owner of the Dodgers Frank McCourt bought the team in 2004 for $430 million. It also included the 250 acres of surrounding land and the parking lots. That’s quite an increase as the deal is now the largest in sports history.
Shaina (@Shay_Marie)
