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Magic Johnson’s group agrees to buy Dodgers for record price of $2 billion

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UPDATE: Here’s the text from the press release, officially announcing word of the agreement between the two sides:

The Los Angeles Dodgers and Frank McCourt today announced an agreement under which Guggenheim Baseball Management LLC (“GBM”) will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process.  The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.  Mr. McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.

The Los Angeles Dodgers stated, “This transaction underscores the Debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full.”

Frank McCourt stated, “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.  We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer.”

Earvin “Magic” Johnson stated, “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.”

11:08 PM: Whoa. Dennis K. Berman of the Wall Street Journal reports that Johnson’s group have agreed to purchase the Dodgers for $2 billion. One would think this offer would be good enough to include the parking lots, right?

The good news is that Dodgers fans will have the most popular sports figure in Los Angeles as part of the new ownership group, but McCourt is going to walk away from this thing filthy, stinkin’ rich.

11:06 PM: It’s Showtime.

Details are scarce at the moment, but Ken Gurnick of MLB.com reports that the Dodgers have reached an agreement to be sold to the group led by Magic Johnson and longtime MLB and NBA executive Stan Kasten.

MLB owners had approved the groups led by billionaire hedge-fund manager Steve Cohen and St. Louis Rams owner Stan Kroenke, but outgoing owner Frank McCourt has apparently identified Johnson’s group as the winning bidder. No word yet on the exact terms, but most estimates had the sale price to exceed $1.5 billion, which would establish a new record for a North American sports franchise.

Brett Lawrie will take a pay cut to avoid arbitration with White Sox

MIAMI, FL - AUGUST 12: Brett Lawrie #15 of the Chicago White Sox fields a ground ball during batting practice before the start of the game against the Miami Marlins at Marlins Park on August 12, 2016 in Miami, Florida. (Photo by Eric Espada/Getty Images)
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Infielder Brett Lawrie successfully avoided arbitration and signed a one-year contract with the White Sox on Friday, per a team announcement. FanRag Sports’ Jon Heyman added that the deal was for $3.5 million, significantly lower than the $4.125 million Lawrie was paid by the White Sox in 2016.

The White Sox acquired Lawrie last December in a swap for minor league arms Zack Erwin and J.B. Wendelken. After splitting time at second and third base for the Athletics in 2015, Lawrie slotted in at second base and DH for the White Sox and batted .248/.310/.413 with 12 home runs in 384 PA. While it’s strange to see a healthy, fairly productive player receive a salary reduction in arbitration, Lawrie missed nearly half of the season with a strain in his left hamstring, though he’s projected to return at full health by the start of the 2017 season.

Cubs sign LHP Brian Duensing to a one-year, $2 million deal

TORONTO, ON - OCTOBER 04:  Brian Duensing #50 of the Baltimore Orioles throws a pitch in the eleventh inning against the Toronto Blue Jays during the American League Wild Card game at Rogers Centre on October 4, 2016 in Toronto, Canada.  (Photo by Tom Szczerbowski/Getty Images)
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Left-hander Brian Duensing signed a one-year, $2 million contract with the Cubs on Friday, per a report from FanRag Sports’ Jon Heyman.

The free agent spent the bulk of his 2016 season with the Orioles after receiving a call-up from Triple-A Norfolk in early June. He underwent elbow surgery several weeks later when a freak bullpen injury revealed cartilage chips and inflammation in his pitching elbow, but recovered to finish the season with a 4.05 ERA and 10 strikeouts in 13 1/3 innings for the club. The Orioles utilized him for a final out during the AL Wild Card game, during which Duensing recorded a five-pitch strikeout in the ninth inning of their 5-2 loss to the Blue Jays.

The 33-year-old is currently expected to bulk up the Cubs’ left-handed relief corps, with fellow left-hander Mike Montgomery slated for the rotation in 2017.