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The Los Angeles Dodgers sold!

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Logo for the Los Angeles Dodgers

 

The troubled Los Angeles Dodgers are about to get a fresh start with new owners. The Dodgers organization and present owner, Frank McCourt, announced the $2 billion agreement with Guggenheim Baseball Management in a PRnewswire release late today. The new owners include NBA legend/entrepreneur, Earvin “Magic” Johnson and movie executive Peter Guber.

In the release, 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 said, “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.”

The deal must be approved by a bankruptcy court. McCourt took the team into Chapter 11 bankruptcy last June. The Los Angeles Times has more on the sale here.

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