Break Bread: Magic Johnson Backed Investment Group Land Dodgers For $2.15 Billion
In a move that took Dodgers fans from six to midnight, an investment group led by Magic Johnson dropped a cool $2.15 billion to win the Dodgers (and surrounding the stadium in Chavez Ravine) in a bankruptcy auction on Tuesday night.
Magic’s group, with ballerticians including Warriors co-owner Peter Guber and them dudes over at the Guggenheim Partners (more bread than wonder) beat out 2 other groups, smashing their initial offers, reported to be in the $1.5 billion range.
The fact that Tuesday was suppose to be the start of opening bids, and Magic’s group securing the franchise with a bid that was damn near $700 million more than the other offers is just a tad bit fishy, but hey, so are most dude’s boo’s meat pockets so it is what it is.
Dodgers fans are overcome with joy with the announcement, meaning the end of the turbulent tenure of former owner Frank McCourt, he still controls the parking lots on non-Dodger events.
It will interesting how Magic’s group approaches the ownership of one of the most valued sports franchises in the world, and how much of an impact that the ridiculous amount of bread they broke with have on ticket prices, especially in the legendary All-You-Can-Eat Pavilion.
Wouldn’t be surprised if a Magic’s T.G.I.Fridays and Fatburger sprout up in Dodger stadium…It’s only right.