Dodgers Sold For $2 Billion To Magic Johnson's Group, Team Confirms

On Tuesday night, the reports began to come out that the Los Angeles Dodgers had finally been sold. The early news was that the group led by Magic Johnson had placed the winning bid, which was in the neighborhood of $2 billion.

On Wednesday morning, Ken Gurnick of MLB.com posted the official news on the official Dodgers website, confirming that Johnson's group had indeed purchased the team for the $2 billion dollar figure, which included the Dodgers franchise and Dodger Stadium.

The sale officially is to Guggenheim Baseball Management LLC, which includes Mark R. Walter as its controlling partner, Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Current owner Frank McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property and parking lots for an additional $150 million.

Including money for extra land around the stadium and the parking lots, the total sale price for the entire transaction comes to $2.3 billion.

The final dollar amount is by far the most ever paid for a sports franchise. Frank and Jamie McCourt initially paid $371 million for the team in 2004.

For all news and information regarding the sale and the Los Angeles Dodgers, please visit True Blue LA, or head over to SB Nation Los Angeles.

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