NBA legend Magic Johnson just made a huge purchase to the tune of two billion dollars. Magic used that money to buy the Los Angeles Dodgers baseball franchise. According to TMZ, Johnson secured the two billion from his investment group, Guggenheim Partners. Though Magic dropped big bank on the baseball team, he is only part owner. The CEO of Guggheim Partners will have the controlling stake in the Dodgers.
Magic and his partners bought their stake from Frank McCourt and the deal was announced by the two late Tuesday night. Frank McCourt received a parting gift as he sold his stake in the Dodgers. Part of the agreement is McCourt will be able to buy the land surrounding Dodgers Stadium. Basically, McCourt doesn’t own the team anymore, but he will own the overpriced parking lots. McCourt’s purchase of the land around the stadium will cost him a cool $150 million.
Magic Johnson should take his seat in the owner’s box some time in April after the federal bankruptcy court has to sign off on the deal.