The Los Angeles Dodgers and Frank McCourt on March 27 announced an agreement under which Guggenheim Baseball Management LLC will acquire the Los Angeles Dodgers for $2 billion upon completion of the closing process.

The L.A. Dodgers will be sold to a group that includes Earvin “Magic” Johnson. (photo by Aaron Blevins)

The purchasing group includes Mark R. Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million.

“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.

According to a statement, representatives of the Dodgers believe the transaction underscores the debtors’ objective to maximize the value of their estate and to emerge from Chapter 11 bankruptcy under a successful plan of reorganization, which will result in all creditors being paid in full.

“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,” McCourt said. “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.”