Basketball legend Magic Johnson led a group that won an auction for the Los Angeles Dodgers baseball team Tuesday night, marking the final chapter of in a soap-opera style saga for the legendary franchise, according to people involved in the process. With a bid of $2 billion, Johnson and partners Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly beat out a group of several some of the wealthiest businessmen in the country to land a team one of Major League Baseball's flagship franchises. The sales figure shatters the previous record sales price for a U.S. sports franchise, Steve Ross' purchase of the Miami Dolphins for $1.1 billion three years ago.

Dodgers reach deal with Magic Johnson group

NEW YORK (AP) - A group that includes former Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Los Angeles Dodgers from Frank McCourt for $2 billion.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner. The price would shatter the record for a North American sports franchise, topping the $1.1 billion Stephen Ross paid for the NFL's Miami Dolphins in 2009.
The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court.
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