28 March 2012

Group led by Magic Johnson to purchase the Los Angeles Dodgers

The long nightmare that has been the ownership of the Los Angeles Dodgers franchise by Frank McCourt is about to be over. A group led by Lakers legend Earvin 'Magic' Johnson and former Braves and Nationals President Stan Kasten was announced on Tuesday night to purchase the club for $2 billion, a record price for an American sports franchise. The transfer in ownership of the once-proud franchise is set to take place by the end of April. The controlling owner will be Mark Walter, who is the CEO of the financial services firm Guggenheim Partners and the acquiring group is known as Guggenheim Baseball Management. Read the full Associated Press report here.

This is a huge day not just for the Dodgers but for baseball as a whole. Finally it appears that one of the top franchises in baseball, even as one that has not found great success in the recent years, has found stable ownership that will not drive the franchise into the ground and in bankruptcy. Now we, as baseball fans, can hope that the Dodgers can be brought back into prominence.

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