Tuesday night, the legendary Magic Johnson and the legendary Los Angeles Dodgers team came in focus at an auction that will make the sports history books. Magic Johnson won the LA Dodgers baseball team in a record breaking auction. For the team itself, its new owner is expected to perform some magic and give it an upgrade.
The Los Angeles Dodgers, a legendary team nonetheless, hasn’t been doing exactly well under the ownership of Frank McCourt. But its long time history and popularity won by the six World Series titles, 21 National League pennants, eight CY Young Award winners and 12 Rookie of the Year award winners to name just a few accomplishments, are enough to make this team a desired asset.
Under Frank McCourt’s ownership the Los Angeles Dodgers were placed for auction. On June 27th 2011, McCourt had to file for Chapter 11 bankruptcy protection as the team reached the point of no return. A few months later, in November, McCourt was agreeing to sell the Los Angeles Dodgers team, their Stadium and the surrounding terrain in an auction.
Yesterday night, Magic Johnson representing the Guggenheim Baseball Management LLC group won the Los Angeles Dodgers at auction for $2.1 billion. Another $150 million will be paid for the terrain surrounding the LA Dodgers Stadium.
Magic Johnson seemed thrilled to be part of the event as he stated late Tuesday: “I am thrilled to be part of the historic Dodge 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”.
Frank McCourt said the “agreement with the Guggenheim reflects both the strengths and future potential of the Los Angeles Dodgers and assures that the Dodgers will have new ownership with deep local roots”, an aspect that will definitely suit well both the team and the fans.
The auction has set a new record in the history of sports franchise, exceeding by far the previous $1.1 billion mark Stephen Ross paid for the Miami Dolphins three years ago. At the top of the list, following these two deals is Rickettss’ purchase of the Chicago Cubs for $845 million.