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Dodgers sold to Magic's group for $2 billion

The Los Angeles Dodgers have been sold to a bidding group that includes NBA Hall-of-Famer Magic Johnson for $2 billion.

The news, announced late Tuesday night, stated that Johnson's group, Guggenheim Baseball Management LLC, purchased the club less than a year after the storied franchise filed for bankruptcy.

Back in November, Frank McCourt agreed to sell the Dodgers less than a month after being awarded sole ownership of the club in a messy divorce settlement. Major League Baseball and the Dodgers agreed to a court-supervised process to sell the team and its media rights to maximize the team's value.

Three purchasing groups were approved as finalists in the auction by the league owners earlier Tuesday, and Johnson's group earned the winning bid.

"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.

Mark R. Walter serves as the Guggenheim Baseball Management LLC controlling partner. The group also includes former Atlanta Braves and Washington Nationals president Stan Kasten.

"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," McCourt said.