Report: Los Angeles Dodgers Reach Agreement with Magic Johnson's Bidding Group

Richard LangfordCorrespondent IMarch 27, 2012

ORLANDO, FL - FEBRUARY 26:  NBA legend Earvin 'Magic' Johnson looks on during the 2012 NBA All-Star Game at the Amway Center on February 26, 2012 in Orlando, Florida.  NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.  (Photo by Ronald Martinez/Getty Images)
Ronald Martinez/Getty Images

Magic Johnson is part of the group that is the new owner of the Los Angeles Dodgers. The franchise certainly didn't come cheap. 

The Wall Street Journal's Dennis K. Berman tweeted out the news.

Breaking from WSJ: Magic Johnson-led group buys LA Dodgers for $2 billion, shattering all previous prices paid for sports franchises.

— Dennis K. Berman (@dkberman) March 28, 2012

Johnson's group was one of three finalists approved by the MLB earlier on Wednesday. The approval meant that former Dodger owner, Frank McCourt was free to auction off the team between the three groups.   

Updeate: Tuesday, March 27 at 11:35 p.m. ET

The Los Angeles Dodgers have released an official statement, which comes to us via Matthew Futterman of the Wall Street Journal.

You can view the whole statement here. And below is an excerpt featuring quotes from the former owner and the current one. 

Frank McCourt stated, “This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community.  We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.”

Earvin “Magic” Johnson stated, “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.”