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.

No lease extension, but Orioles and governor tout partnership

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The Baltimore Orioles and Maryland Gov. Wes Moore announced a joint commitment to what they called a “multi-decade, public-private partnership” to revitalize the Camden Yards sports complex.

The statement from the team and the state’s new governor came Wednesday, the deadline for the Orioles to exercise a one-time, five-year extension to their lease at Camden Yards. The team was not planning to exercise that option, according to a person with knowledge of the decision. The person spoke to The Associated Press on condition of anonymity because the club hadn’t announced its decision.

With no extension, the lease is set to expire at the end of this year, but the team and the Maryland Stadium Authority can keep negotiating. Wednesday’s joint release seemed to be an attempt to calm any nerves in Baltimore about the team’s future.

“I am looking forward to continuing to collaborate with Governor Moore, his administration, and the Maryland Stadium Authority in order to bring to Baltimore the modern, sustainable, and electrifying sports and entertainment destination the state of Maryland deserves,” Orioles CEO John Angelos said.

“We greatly appreciate Governor Moore’s vision and commitment as we seize the tremendous opportunity to redefine the paradigm of what a Major League Baseball venue represents and thereby revitalize downtown Baltimore. It is my hope and expectation that, together with Governor Moore and the new members and new chairman of the MSA board, we can again fully realize the potential of Camden Yards to serve as a catalyst for Baltimore’s second renaissance.”

Republican Larry Hogan, the state’s previous governor, signed a bill last year increasing bond authorization for M&T Bank Stadium, home of the Baltimore Ravens, and Camden Yards. The measure allowed borrowing of up to $600 million for each stadium.

“When Camden Yards opened 30 years ago, the Baltimore Orioles revolutionized baseball and set the bar for the fan experience,” Moore, a Democrat, said Wednesday. “We share the commitment of the Orioles organization to ensuring that the team is playing in a world-class facility at Camden Yards for decades to come and are excited to advance our public-private partnership.”

Angelos recently reaffirmed that the Orioles would stay in Baltimore, although he dressed down a reporter who asked for more clarity on the future of the team’s ownership situation. Angelos was sued last year by his brother Lou, who claimed John Angelos seized control of the Orioles at his expense.