The Magic is back

The Dodgers’ long baseball nightmare is over!

In a quick, dramatic end to the year-long financial crisis of the Los Angeles Dodgers, the team’s owner, Frank McCourt, agreed to sell the team Tuesday night for $2.15 billion to a group headed by Magic Johnson, the Lakers’ Hall of Famer.

The Johnson group’s deal, financed largely by Guggenheim Partners, a Chicago-based financial services firm, includes $2 billion for the team (minus $412 million in debt) and $150 million to create a joint venture with McCourt on the parking lots and land surrounding Dodger Stadium. The deal is valued at $2.3 billion.

If the all-cash deal is approved by the judge overseeing the Dodgers’ bankruptcy, the price will be the most ever paid for a professional sports team.

Good riddance, finally, to that miserable and miserably under-financed McCourt. My only regret is that he’ll walk away with a half-billion bucks on top of his initial investment of $421M, which was mostly debt in the first place. But that’s okay, as long as he goes away.

One Comment

  1. He won’t walk away with it. He’ll pay it out in alimony. That’s why he’s selling the team… (Was on the local news yesterday)

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