Dodgers announce an agreement to sell team to Magic Johnson in group buy.

BetterThanEver · Mar 27, 2012

Magic Johnson is going into baseball. He just agreed to buy the Dodgers as part-owner.

Only the first 3 paragraphs have been quoted, please click on the link for the rest of the story.

http://online.wsj.com/article/SB10001424052702303404704577308483250633906.html

Magic Johnson Wins Auction for Los Angeles Dodgers
By MATTHEW FUTTERMAN
Basketball legend Magic Johnson led a group that won an auction for the Los Angeles Dodgers baseball team Tuesday night, marking the final chapter of in a soap-opera style saga for the legendary franchise, according to people involved in the process.

With a bid of $2 billion, Johnson and partners Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly beat out a group of some of the wealthiest businessmen in the country to land a team that is one of Major League Baseball's flagship franchises. The sales figure shatters the previous record sales price for a U.S. sports franchise, Steve Ross's purchase of the Miami Dolphins for $1.1 billion three years ago.

But buying the Dodgers now comes with a unique opportunity to launch a potentially lucrative regional sports network in the country's second largest market, or sign a new local broadcast deal with the current broadcaster, News Corp.'s NWSA +0.30%Fox unit, which has already offered the team a 17-year extension valued at nearly $3 billion. (News Corp. also owns The Wall Street Journal).
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Magic Johnson 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.
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Dodgers announce an agreement to sell team to Magic Johnson in group buy.

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