The Los Angeles Dodgers have announced that they have reached an agreement to sell the team to a group that includes Los Angeles Lakers great Magic Johnson.
The deal is reportedly for $2 billion, and was announced Tuesday night just five hours after Major League Baseball owners approved three finalists for the private auction that would determine final ownership of the team. The deal is subject to approval in federal bankruptcy court and the transfer of the team should be completed by the end of April.
Mark Walter, who is the CEO of financial services firm Guggenheim Partners will become the controlling owner of the team. The sale price would easily set the record for a North American sports franchise.
Johnson and former Atlanta Braves and Washington Nationals President Stan Kasten join Walter as the top names involved with the winning group.
Stan Kroenke whose family owns the St. Louis Rams, Denver Nuggets, Colorado Avalanche and Colorado Rapids led a group that was also a finalist.
Steve Cohen, who founded the hedge fund SAC Capital Advisors, biotech entrepreneur Patrick Soon-Shiong and agent Arn Tellem were the principal players in the third group that was in the running.
This story just broke and we will update it as more information becomes available.