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Magic Johnson Group to buy LA Dodgers for $2 Billion Dollars

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edited March 2012 in Strictly Business

A group led by former Los Angeles Lakers star Magic Johnson -- along with MLB and NBA executive Stan Kasten, and Peter Guber, head of Mandalay Entertainment, and financed by Mark Walter, CEO of Guggenheim Partners (a Chicago-based financial services firm) -- agreed to buy the Dodgers from owner Frank McCourt for $2.15 billion, a deal that includes the Chavez Ravine parking lots.

The deal came swiftly after MLB approved the three finalists Tuesday, and if the cash deal is approved by the judge overseeing the Dodgers' bankruptcy, the price will easily be the most ever paid for a professional sports team. The record is the $1.4 billion purchase price for the Manchester United soccer team, and the most paid for a North American sports franchise was $1.15 billion in 2009 for the Miami Dolphins. It was just four years ago when the Chicago Cubs was the most paid for a baseball franchise at $845 million.

Source: USA Today



That's a good look for Magic, looks like he's on his way to a billion by year end. He will make Forbes' billionaire list soon. I'm happy to see another Black man rise to the top like this. Remember Magic is not only known for his skills on the court - but his skills in business. Keep in mind dude is worth a cool $800 million dollars.
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