The Los Angeles Dodgers and Magic Johnson have made a deal……and it’s a big one! Johnson is heading a group of investors who just dropped a whopping $2.15 Billion, yes, it says Billion…with a B, to purchase the floundering Dodgers organization and bring it back to life with a huge capital investment aimed at putting the legendary baseball club back into contention again.
The large price tag includes the rights to reel in future riches from TV and real estate associated with the Dodgers. In fact, the Dodgers have already agreed to a new local television contract with Time Warner. The contract could result in revenue of up to $250,000,000 per year reaching a total value in the $7 Billion range over time.
One of the more attractive features about the deal for the ownership group publicly fronted by Earvin “Magic” Johnson is that much of the local TV windfall might be exempted from revenue sharing. According to the LA Times, the new Dodgers pact could be the largest TV deal in sports broadcasting history. The Dodgers could end up getting their very own regional network like the Yankee’s YES Network.
It is hoped by the long suffering Dodger fans…. some going all the way back to Brooklyn!…..that the Johnson’s group will indeed bring that “magic touch’ to Los Angeles just like he did for the Lakers when he played basketball right there in LA. Retired Dodgers manager Tommy Lasorda has known Johnson since he first came to the Lakers. He said, “The most important part is he’ll talk to some of the players individually about how to win. That’s what we got to do right now and bring our fans back. He knows how to talk to people, he know how to impress people and how to build people up”.
The new owners are already gaining ground with Dodger fans by bringing back legendary Dodger pitcher Sandy Koufax to work with their highly talented pitching staff and be a general advisor to the Dodgers team.
MLB Commissioner Bud Selig said of the sale, “This has been a long, difficult process and I once again want to thank the great Dodger fans for their loyalty and patience.” “The interest in this franchise and its historic sale price are profound illustrations of the great overall health of our industry.
