Magic Johnson joins financial group in hopes of buying the Dodgers
Guggenheim Baseball Management
LOS ANGELES, Calif.—Former Los Angeles Laker Magic Johnson said today he has joined a financial team in hopes of purchasing the Los Angeles Dodgers.
“Thrilled to announce that I’ve partnered with Mark Walter & Stan Kasten to form Guggenheim Baseball Mgmt in pursuit of purchasing the Dodgers!”
Johnson wrote on his Twitter page. “I’m excited to have the opportunity to be part of the Dodgers legacy & bring a World Series championship back to LA.”
Kasten is the former president of the Atlanta Braves and Washington Nationals, while Walter is the CEO of Guggenheim Partners, a private financial services firm that manages more than $125 billion in assets.
The trio have formed a group called Guggenheim Baseball Management, which envisions Kasten serving as the head of baseball operations for the Dodgers and Johnson as a business executive with a hand in recruiting players.
“I want to win,” Johnson told ESPN. “We want to win. No only do we have the guy who can write the check to buy the team, but we have to have somebody who can acquire quality people and talent, and Stan knows how to do that better than anybody. ... We’ve got a great plan.”
Johnson, 52, recently sold his ownership stake in the Lakers.
“The timing is excellent,” he told ESPN. “We have the right owner, the right baseball man in Stan. I live here, I love it here. We want to make sure fans are safe and we want to give them a great experience. It might take us a little time, but we want to win.”
Former Dodgers Manager Joe Torre said last month that he had been approached by several would-be buyers of the team to become part of their ownership groups, but Torre said he had not signed onto any proposal.
Dodgers owner Frank McCourt and Major League Baseball reached an agreement Nov. 1 to a “court supervised process” to sell the team, which filed for Chapter 11 bankruptcy in June.
The new ownership of the Los Angeles Dodgers this week promised a fan-friendly, accessible and winning organization and announced an immediate $5 reduction in the $15 parking price.
New team president Stan Kasten also announced the establishment of an email address for fans to send suggestions—fanbox@ladodgers.com—along with a lot more opportunities for autographs.
The record $2 billion purchase of the team by Guggenheim Baseball Management from reviled former owner Frank McCourt became official on Tuesday.
LOS ANGELES, Calif.—Prominent Los Angeles religious leaders throw their support behind Dodgers owner Frank McCourt, saying they sent a letter to Major League Baseball Commissioner Bud Selig and urged him to approve a $3 billion deal between McCourt and Fox.
“As religious leaders in the Los Angeles community and lifelong fans of the game of baseball, we are writing to express our sincere displeasure with the manner in which the Los Angeles Dodgers and Frank McCourt have been treated by Major League Baseball,” according to the June 3 letter.
LOS ANGELES, Calif.—Mayor Antonio Villaraigosa said today he welcomed news of a pending sale of the Los Angeles Dodgers, but said he wanted the new owner to be somebody local.
“It absolutely has to be somebody from L.A., somebody who loves this town, who believes in this city and understands that the Dodgers aren’t just a team. They’re a collective community asset,” the mayor said.
LOS ANGELES, Calif.—Frank and Jamie McCourt announced today that they have reached a divorce settlement over ownership of the Dodgers, ending what is believed to be the costliest marital split in California history.
“The terms of the settlement, which is already in effect, will remain private,” according to a joint statement issued by the McCourts. “Jamie will be withdrawing her opposition to the Dodgers proposed sale of media rights and instead will be filing papers in support of the process proposed by the Dodgers.”
LOS ANGELES, Calif.—The City Council today threw its support behind an effort to give Los Angeles Dodgers fans a chance to own the ball club.
The council approved a resolution calling on Congress to make such an ownership change possible. Councilwoman Janice Hahn, who is running for Congress and introduced the motion, said she is not proposing the city of Los Angeles take ownership of the team, but rather to let fans invest during a public offering.
