Magic Johnson Group to Buy L.A. Dodgers for $2 Billion

The main story's at the Los Angeles Times, "Magic Johnson-led group is picked as Dodgers' next owner":

A group led by Lakers legend Magic Johnson emerged Tuesday night as the new owners of the Dodgers, ending months of uncertainty for the storied but troubled baseball franchise.

Johnson, who guided the Lakers to five NBA championships during the "Showtime" era of the 1980s, is a partner in the group along with longtime baseball executive Stan Kasten and movie executive Peter Guber. The controlling owner would be Mark Walter, chief executive officer of Guggenheim Partners, a Chicago-based financial services company.

Walter and McCourt met privately in New York on Tuesday, coming to an agreement only hours after Major League Baseball owners approved three final bidders.

The winning group paid $2 billion for the team -- a record for a sports franchise -- according to an announcement issued jointly with previous owner Frank McCourt.

"I am thrilled to be part of the historic Dodger franchise," Johnson said in the statement, adding the new owners "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."

And see: "L.A. celebrates Magic Johnson and new Dodgers owners." And more at the link.