Business
Magic Johnson group to acquire Dodgers for $2 billion
“I am truly honored to have partnered with such talented individuals and to be associated with the Dodgers organization,” Walter said. “We look forward to building upon the legacy of the Dodgers and providing long-term stability to one of the most revered franchises in baseball.”
The 52-year-old Magic Johnson played 13 seasons for the Los Angeles Lakers, winning five NBA championships and three MVP awards.
He retired from the NBA in 1991 after being diagnosed with HIV, the virus that causes AIDS. He briefly came out of retirement during the 1995-96 season and had a short stint coaching the Lakers. Since leaving basketball, he has been hugely successful in business, investing in movie theaters, a production company and restaurants.
He has also been an activist in the fight against HIV.
Kobe Bryant, speaking after the Lakers’ 104-101 victory at Golden State Tuesday night, said this about Magic Johnson’s group acquiring Dodgers:
“I’m upset he didn’t cut me in,” Bryant said. “I’m going to have to talk to him about that.”
McCourt paid US$430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the parking lots, from the Fox division of Rupert Murdoch’s News Corp., a sale that left the team with about US$50 million in cash at the time. The team’s debt stood at US$579 million as of January, according to a court filing, so McCourt stands to make hundreds of millions of dollars even after a US$131 million divorce payment to former wife Jamie, taxes and legal and banking fees.
Kasten is expected to wind up as the team’s top day-to-day executive.
