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Sports star Earvin "Magic" Johnson with other partners are expected to purchase the Los Angeles Dodgers for $2 billion
A group that includes former Lakers star Earvin "Magic" Johnson has reached an agreement to purchase the Los Angeles Dodgers.
The $2 billion price tag shatters the previous records for a sports franchise. Stephen Ross paid $1.1 billion for the NFL's Miami Dolphins in 2009, and Malcolm Glazer acquired English soccer club Manchester United in 2005 for $1.47 billion.
Current Dodgers owner Peter McCourt purchased the Dodgers, Dodger Stadium and 250 acres of land surrounding the stadium for $430 million from from Rupert Murdoch's Fox. McCourt placed the team in bankruptcy last year while dealing with an impending divorce and other off the field issues.
Even after a $131 million divorce payment to ex-wife Jamie, taxes, and other fees, McCourt stands to walk away with a profit of up to $800 million, and will still be involved with ownership of the land and parking lots surrounding the stadium — though details remain unclear in that agreement.
Molly Knight:, writer for ESPN The Magazine.