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Dodgers get new owners; Frank McCourt finally out

Magic Johnson is shown in this undated file photo.
May 1, 2012 12:00:00 AM PDT
After months of bidding, negotiations and the involvement of a bankruptcy court, the Los Angeles Dodgers finally have new owners. The $2 billion deal became official on Tuesday morning.

There was a one-day delay in getting final approval of some of the legal documents, but the Frank McCourt era officially ended with the successful sale of the team to the Guggenheim Baseball Management LLC, which includes Magic Johnson.

Mark Walter, chief executive officer of Guggenheim, is the controlling partner. Johnson has a small percentage of the team, and former Atlanta Braves executive Stan Kasten will be the CEO in charge of running the Dodgers on a day-to-day basis.

"The Dodgers move forward with confidence - in a strong financial position; as a premier Major League Baseball franchise; and as an integral part of and representative of the Los Angeles community," the Dodgers said in a statement.

Earlier this month, a federal bankruptcy court officially approved the sale. The Dodgers entered bankruptcy in June 2011 during a bitter dispute with Major League Baseball. At the time, baseball Commissioner Bud Selig refused to approve a new TV deal with Fox Sports that the team was counting on in order to make payroll and keep the franchise solvent.

A news conference introducing the new owners is expected on Wednesday.

The Associated Press contributed to this report.


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