Dodgers reach deal with Magic Johnson group

Posted March 27, 2012 10:00 pm

Associated Press

NEW YORK — Los Angeles Dodgers owner Frank McCourt has announced an agreement to sell the bankrupt team for $2 billion to a group that includes former Lakers star Magic Johnson and former Atlanta Braves and Washington Nationals President Stan Kasten.

The agreement, announced Tuesday night about after five hours after Major League Baseball owners approved three finalists for the auction, is to lead to a transfer of the team by the end of April. It is subject to approval in federal bankruptcy court.

Mark Walter, chief executive officer of the financial services firm Guggenheim Partners would become the controlling owner. The price would be easily a record for a North American sports franchise.

As part of the agreement, the Dodgers said McCourt and “certain affiliates of the purchasers” would acquire the land surrounding Dodger Stadium for $150 million.

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