The Frank McCourt era blissfully comes to an end in Los Angeles, as a group led by Magic Johnson agrees to purchase the Dodgers for a whopping $2.15 billion.
It wasn’t the most cash in the deal that won the day, but rather a whopping total, and maybe—just maybe—some goodwill for Frank McCourt.
Late Tuesday night, the Dodgers and Frank McCourt announced they had reached an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Dodgers for $2 billion upon completion of the closing process. The purchasing group includes Mark R. Walter, who is the CEO of Guggenheim Partners, a privately held global financial services firm with more than $125 billion in assets under management , as its controlling partner. However, it’s former Los Angeles Laker great Earvin “Magic” Johnson who will likely be the face of the Dodgers. The group also includes Peter Guber (the Golden State Warriors co-owner who is also the chairman and chief executive of Mandalay Entertainment, which is invested in the successful Dayton Dragons minor-league team); Stan Kasten (former Washington Nationals and Atlanta Braves president), Bobby Patton (oil and gas investor), and Todd Boehly (president of Guggenheim Partners ) as other key investors.
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