The Los Angeles Dodgers have been sold to an ownership group that includes Earvin "Magic" Johnson and Hollywood producer Peter Guber for $2 billion, a record for a sports franchise.

Guggenheim Baseball Management, a newly formed group of Guggenheim Partners, will be the principal owner of the team in a group that also includes longtime baseball executive Stan Kasten, Bobby Patton and Todd Boehly. Kasten is expected to be team president.

The sale, which is scheduled to close no later than the end of April, will take the Dodgers' out of bankruptcy and allow outgoing owner Frank McCourt to settle his debts - ending a 2 1/2-year ordeal that began with the marital split between McCourt and his ex-wife Jamie.

"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," Frank McCourt said in a statement. "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."

For Johnson, the NBA Hall of Famer and Los Angeles sports hero, the acquisition marks his second big ownership plunge of the year. In February, Johnson made a deal to launch cable network Aspire.

"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 separate deal, McCourt and "certain affiliates of the purchasers" will also form a joint venture to acquire the Chavez Ravine property on which Dodger Stadium rests for an additional $150 million.

http://www.variety.com/article/VR1118051990