Group Led by Magic Johnson, Jersey’s Kasten Buy Dodgers with Record $2.15B Offer

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Ending the soap opera that overshadowed last season for the Los Angeles Dodgers, a group of investors, including basketball hall of famer Magic Johnson, won a bankruptcy action for the Los Angeles Dodgers with a bid of $2.15 billion.

The deal will be formally presented to judge Kevin Gross for a bankruptcy law review and final approval next month. Last year, owner Frank McCourt filed for Chapter 11 bankruptcy protection, throwing the team into turmoil.

While Johnson is expected to serve as an ownership spokesman who will use his special connection to the Los Angeles market, the other partners are also notable. The controlling partner in the bid is Mark Walter, who currently serves as the head of the Guggenheim Partners investment firm, which is based in New York and Chicago. The president of Guggenheim, Todd Boehly, is also involved in the deal.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joel Glucksman, Scarinci Hollenbeck | Attorney Advertising

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