Magic Johnson’s Ownership Group Purchases the LA Dodgers

Tuesday afternoon, Major League Baseball owners unanimously approved the three remaining bidding groups as possible owners of the Dodgers. The next step was an auction to buy the club from embattled owner Frank McCourt, but evidently that didn’t take very long. The group led by former Lakers star Magic Johnson has reached an agreement to purchase the club, according to a press release late Tuesday night. The deal is for a record $2 billion. Also, McCourt and “certain affiliates” of Johnson’s group will form a joint venture to buy the Chavez Ravine property — the land surrounding Dodger Stadium –– for an additional $150 million.