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An investment group led by former Los Angeles Laker great, Earvin Magic Johnson, inked a deal on Wednesday to purchase storied baseball franchise the Los Angeles Dodgers for $2 billion, making it the most expensive sports team acquisition in history.

The deal, which rescued the franchise from former owner Frank McCourt who was “running it into the ground,” makes Guggenheim Partners the team’s newest owners.

Earlier, Magic Johnson released a statement about the deal: “I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles.”

Since leaving the NBA, Johnson has become a stanch HIV activist and formidable businessman. Johnson previously sold his stake in the Lakers franchise to concentrate on bringing an NFL team to the city, but perhaps he thought this was a better move. Current Laker star, Kobe Bryant  congratulated Johnson on the deal, and even joked about not being included.

“I’m upset he didn’t cut me in,” current Lakers star Kobe Bryant said. “I’m going to have to talk to him about that.”

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  • aAnon

    Spellcheck please :(
    *Congradulate* is not a word.

    I’m not a spelling nazi, it’s just that this type of error has become a bit too frequent in your articles, which I always love to read.

    • Thanks. Sometimes my fingers move faster than my eyes.
      ~bd

  • Tonton Michel

    More players need to follow in his foots steps when there careers come to and end….*coughIversoncoughWalker*.