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.

Braves ace Mike Soroka out for year with torn Achilles

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Atlanta Braves ace Mike Soroka is out for the season after tearing his right Achilles tendon Monday night against the New York Mets.

Soroka was hurt in the third inning after delivering a pitch to J.D. Davis, who grounded the ball toward first baseman Freddie Freeman.

Soroka broke toward first to cover the bag, only to go down on his first step off the mound. The right-hander knew right away it was a devastating injury, one that ensures he won’t be back on the mound until 2021.

“It’s a freak thing that happened,” manager Brian Snitker said, delivering the grim news after the Braves lost 7-2 to the Mets. “I’m sorry it did.”

Soroka yelled in obvious pain and tried to walk gingerly for a couple of steps before dropping to his knees. He couldn’t put any weight on the leg as he was helped toward the clubhouse with the assistance of Snitker and a trainer.

It was a major blow to the two-time defending NL East champion Braves, who had won five straight despite struggling to put together an effective rotation.

“Somebody else is going to get an opportunity,” Snitker said. “Things like that happen. These guys will regroup. Somebody is going to get an opportunity to do something really good. Our young guys are going to continue to get better. We’re going to be fine.”

Soroka, who turns 23 on Tuesday, made his first opening day start last month after going 13-4 with a dazzling 2.68 ERA in 2019 to finish second in NL Rookie of the Year balloting and sixth for the Cy Young Award.

Soroka was making his third start of the season. He came in having allowed just two earned runs over 11 1/3 innings but struggled against the Mets, giving up three hits and four walks. He was charged with four earned runs in 2 1/3 innings, the second-shortest outing of his career.

Unfortunately for Soroka, he won’t get a chance to make up for it this season.