An investment group that includes basketball legend turned businessman Magic Johnson has been selected to buy the Dodgers in a $2 billion deal, the team announced today. Dodger owner Frank McCourt picked the Magic Johnson group – which is funded primarily by a Chicago investment firm – as part of a bankruptcy court-supervised auction of the team and stadium. The sale must still be approved by the bankruptcy court and the sale must be completed by April 30, when McCourt must pay his $131 million divorce settlement, according to the L.A. Times.
While the owners will also take control of the Dodger lots, McCourt and “certain affiliates of the purchasers” would form a joint venture to buy some Chavez Ravine property. The new team owners will “work with McCourt on any future development,” said the Times.