Magic Johnson’s group wins the Los Angeles Dodgers ownership auction for $2 billion

Ken Gurnick of MLB.com says so.

The Dodgers have reached an agreement to be sold to Magic Johnson’s bidding group, according to a baseball source. See http://dodgers.com.

Dennis Berman of the Wall Street Journal says it’s for $2 billion.

Breaking from WSJ: Magic Johnson-led group buys LA Dodgers for $2 billion, shattering all previous prices paid for sports franchises.

The official statement from the Los Angeles Dodgers and Frank McCourt.

The Los Angeles Dodgers and Frank McCourt Announce Agreement With Guggenheim Baseball Management

LOS ANGELES, March 27, 2012 – The Los Angeles Dodgers and Frank McCourt today announced an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process. The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Mr. McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.

The Los Angeles Dodgers stated, “This transaction underscores the Debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full.”

Frank McCourt stated, “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. We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.”

Earvin “Magic” Johnson stated, “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.”

So in addition to a ton of expected fluff, the statement alludes to McCourt still being involved with the Chavez Ravine property, not exactly what Dodgers fans want to hear. With that said, I would wait before overreacting to any news on the parking lots, because it still isn’t known if McCourt’s a majority or minority partner in that.

Richard Sandomir of the New York Times, for instance, has McCourt selling the lots.

The Johnson group will spend $2 billion for the team and $150 million for a joint venture with the beleaguered seller, Frank McCourt, on the land surrounding Dodger Stadium, including the parking lots. McCourt had until recently resisted selling the lots, preferring instead to lease them to the new owner. McCourt bought the team in 2004.

Regardless, he’s out as owner, which is the main thing.

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