And it didn't come cheap.
Johnson and his group purchased the Dodgers from Frank McCourt for a whopping $2 billion.
The Lakers legend was elated to learn the news, via the Associated Press:
"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," Johnson said in a statement.
It's about time the Dodgers and the fans in Los Angeles got an owner who is committed to righting the ship.
Johnson's group taking over ends months upon months of the franchise hanging in the balance, and it's appropriate that a man who is already so beloved in Los Angeles is the face of the winning group.
Bill Shaikin and David Wharton of the Los Angeles Times have some of the details on the sale.
How will Magic Johnson's ownership group fare with the Dodgers?
The sale must be confirmed by the court in a hearing April 13. The transaction is set to close by April 30, the same day McCourt must pay his ex-wife $131 million in a divorce settlement.
If the deal closes as expected, the Dodgers would be owned by an entity called Guggenheim Baseball Partners. Kasten, former president of the Atlanta Braves and Washington Nationals, would run the team.
As much publicity as Johnson will get, it is important to note Kasten's involvement in the day-to-day operations of the Dodgers.
The real question here is: If the Dodgers are worth $2 billion, what are more successful franchises like the New York Yankees worth on the open market?
Nonetheless, the announcement of new ownership is a big moment for a franchise that really needed one.
David Brown of Big League Stew (Yahoo! Sports) summed up the situation concisely, writing, "More importantly to Dodgers fans, it will take McCourt out of the Dodgers ownership loop after eight long years."
Brown continued, "So Dodgers fans can rejoice because the McCourt nightmare is ending, and because it's Magic to the rescue."
McCourt purchased the Dodgers for $430 million in 2004.
Can Earvin Johnson make Magic twice in Los Angeles? That's what Dodgers fans are hoping to see.
No matter what Johnson and his ownership group are able to accomplish, the loyal fans in Los Angeles are happy to see a new regime in charge as well as a new era for their team.