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Group led by Magic Johnson spends a crapload buying the Dodgers

  • $2 billion winning bid to buy an iconic Los Angeles baseball team source

» Saddled with debt: The bidding group, led by former NBA star-turned-entrepreneur Magic Johnson, is about to set a record for the most expensive team purchase in history, topping a $1.1 billion 2008 buyout of the Miami Dolphins and a $1.47 billion buyout of Manchester United in 2005. (Well, a federal bankruptcy court still needs to approve the sale.) The team, currently owned by Frank McCourt, declared bankruptcy in June of last year after admitting the team has $600 million in outstanding debt. McCourt had to sell the franchise partly because of an expensive divorce, and was told by a court in December that he could not sell the team’s media rights, leading to his sale of the team. But he’s still making out like a bandit — even considering that he has to cover the debt on the team’s sale, he spent just $330 million to buy the team eight years ago, along with another $100 million to build the team’s current stadium.

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March 28, 2012 // 10:54 // 2 years ago
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