Dodgers reach deal with Magic Johnson group - WRCBtv.com | Chattanooga News, Weather & Sports

Dodgers reach deal with Magic Johnson group

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NEW YORK (AP/WRCB) - Los Angeles Dodgers owner Frank McCourt has announced an agreement to sell the bankrupt team for $2 billion to a group that includes former Lakers star Magic Johnson and former Atlanta Braves and Washington Nationals President Stan Kasten.

The agreement, announced Tuesday night about after five hours after Major League Baseball owners approved three finalists for the auction, is to lead to a transfer of the team by the end of April.

It is subject to approval in federal bankruptcy court.

Mark Walter, chief executive officer of the financial services firm Guggenheim Partners would become the controlling owner. The price would be easily a record for a North American sports franchise.

As part of the agreement, the Dodgers said McCourt and "certain affiliates of the purchasers" would acquire the land surrounding Dodger Stadium for $150 million.

The Dodgers are the parent club of the Double-A Chattanooga Lookouts. Lookouts' officials said last season any sale would likely have very little effect on day-to-day operations in Chattanooga.

The Lookouts are also up for sale, with owner and team president Frank Burke turning over most of his usual duties to focus on working out a deal. 

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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