A consortium which includes former Los Angeles Lakers Basketball star, Magic Johnson, have agreed to buy the bankrupt baseball team, LA Dodgers.
The consortium is also said to include the long time baseball executive Stan Kasten and this consortium have agreed to buy the club for an eye watering $2billion, £1.25billion. The approval of the purchase has yet to go through a bankruptcy court and when it goes through it is sure to be a record for a North American sports franchise.
In 2011, MLB commissioner Bud Selig announced that he would be appointing a representative to oversee the day-to-day running and operations of the Dodgers. In a statement he announced that he took control because of his “deep concerns for the finances and operations” of the Dodgers.
In June 2011, they filed for bankruptcy and later on in 2011, in November Frank McCourt agreed for the Los Angeles Dodgers’ Dodger Stadium to be sold at an auction in a bid to raise some much needed capital.
The price being paid by the Guggenheim Baseball Management consortium beats the previous highest ever amount paid by the Ricketts family for the acquisition of the Chicago Club; Chicago Cubs.
The Guggenheim consortium beat off competition from two other bidders for the club with one of them being Stan Kroenke, majority shareholder of Arsenal FC, and the other being a series of US sports franchises.
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