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Magic Johnson Wins Bid to Buy L.A. Dodgers for $2 Billion

Basketball legend Magic Johnson led a group whose $2 billion bid came out on top in bankruptcy court, ending the Frank McCourt era

Magic Johnson, the Lakers basketball legend, has won a bid to become the next owner of the L.A. Dodgers, the historic baseball team.

The Associated Press reported that Johnson led a group whose $2 billion bid came out on top in bankruptcy court, ending a tumultuous era led by fomer owner Frank McCourt.

"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," Johnson said in a statement.

The sale must be approved by the court in a hearing on April 13.

In an auction under the auspices of the U.S. Bankruptcy Court, McCourt chose the Johnson group over St. Louis Rams owner Stan Kroenke and a partnership of hedge-fund billionaire Steven Cohen and biotech billionaire Patrick Soon-Shiong.

The Johnson group would become the Dodgers' third owner since the O'Malley family sold the team in 1998. Other owners have been News Corp, and then McCourt.

The transaction is set to close by April 30, the same day McCourt must pay his ex-wife $131 million in a divorce settlement.

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