Mar 28, 2012
Former MSU Spartans basketball great Magic Johnson buys MLB's LA Dodgers
By Adam Biggers
Los Angeles Dodgers fans were probably hoping for a little magic this year, and they got it Tuesday.
Forbes.com announced late Tuesday night that Magic Johnson, a Michigan State Spartans and LA Lakers basketball legend, bought the reeling Dodgers for a reported $2 billion.
Former Dodgers owner Frank MCourt put the team up for sale last June after reportedly going $600 million into debt during a messy split with his wife Jamie.
Johnson, a five-time NBA champion, three-time MVP and 12-time All-Star with the Lakers, helped lead the Spartans to an NCAA title in 1979. He also owns a chain of movie theaters which carry his name.
Los Angeles Dodgers owner Frank McCourt announced an agreement Tuesday night to sell the team to a group that includes former Los Angeles Lakers star Magic Johnson and former baseball executive Stan Kasten for $2 billion, a record price for a North American sports franchise.
The Johnson group’s bid was bankrolled by Guggenheim Partners, a privately held financial firm that manages over $125 billion. If the deal is approved in federal bankruptcy court, Guggenheim CEO Mark Walter would become the controlling owner.