clock menu more-arrow no yes mobile

Filed under:

Magic Johnson's Group Wins Dodgers Bid

All it took was $2,000,000,000 to sway Frank McCourt to sell the bankrupt baseball franchise. The investor group headed by Magic Johnson, and Guggenheim Partners chief executive officer Mark Walter who will be the controlling partner, won the intense bidding war only five hours after the the three finalists were announced.

Under the purchase agreement, the new Dodger owners will be allowed to purchase the property around the stadium for an additional $150 million. McCourt, the now former owner of the franchise, stands to clear a hefty profit. He bought the franchise in 2004 for $430 million, so his creditors and ex-wife should get all their money, with quite a bit left for good 'ol Frank. (insert sarcastic laugh here!)

Stan Kroenke's bid fell short, which could offer an awkward moment or two the next time he faces the St. Louis media. Fans of the St. Louis Rams have to be breathing easier. Rumors had run rampant during the bid process that Kroenke would move his NFL franchise to Los Angeles if he won his bid for the Dodgers.

Now all that's left is for Kroenke to lick his wounds, and head back to the bargaining table with the city of St. Louis for a new lease on Edward Jones Stadium. So until the next 'Rams are moving" rumor starts, fans can get a decent nights sleep.