Dodgers Bought for $2 Billion

A group of investors led by investment banking firm Guggenheim Partners and championed by Magic Johnson have agreed to buy the Los Angeles Dodgers for $2 billion. The group will also spend $150 million to buy Dodger Stadium and the surrounding property.

"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 of our wonderful community of Los Angeles," Johnson said in a statement.


The Dodgers had landed in bankruptcy court after former owners Frank and Jamie McCourt filed for divorce. Since then the Major League Baseball association had taken over running the team.


"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," McCourt said.

$2 billion is the highest amount ever spent on a professional US sports team. In 2009, real estate developer Steven Ross spent $1.1 billion to purchase the NFL's Miami Dolphins. The Ricketts family spent $845 million to take ownership of the Chicago Cubs, in 2009.


A big question remaining around the Dodgers is who will have broadcasting rights. News Corp's Fox Sports and Time Warner Cable are expected to duel it out for them. That deal could cost around $3 billion.