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Magic Johnson (L) sits with Frank McCourt during the game between the Los Angeles Dodgers and the San Diego Padres in the home opener at Petco Park on April 5, 2012 in San Diego, California.
Frank McCourt officially handed over ownership of the Dodgers to Guggenheim Baseball Management on Tuesday, ending a tumultuous period for the Los Angeles baseball franchise.
A teary-eyed McCourt thanked the Dodgers' employees at a morning meeting, according to people in attendance. The Guggenheim group, which finalized payment of the record $2.15-billion purchase price on Tuesday, is the Dodgers’ third owner since 1998. Mark Walter is the new controlling partner, former LA Laker Magic Johnson is the face of the ownership group, and Stan Kasten has been named as the incoming club president. No major changes to the team are expected to occur immediately, but the one anticipated goal is to lead the Dodgers to the World Series for the first time since 1988.
Will the new owners be able to lead the team to glory? How much does a Major League Baseball team’s ownership impact its competitive performance?
Stan Kasten, president and CEO of the Los Angeles Dodgers