The Los Angeles Dodgers will become the most expensive sports franchise ever sold under a deal reached between owner Frank McCourt and a group led by Magic Johnson. The $2.3 billion all-cash deal includes $2 billion for the team, and $150 million for a joint venture on land surrounding Dodger Stadium, reports the New York Times. The Johnson team's bid beat out two others, including one from St. Louis Rams owner Stan Kroenke.
The deal—which still needs to be approved by the judge overseeing the Dodgers' bankruptcy—is being funded by financial services firm Guggenheim Partners, whose chief executive will become the team's controlling owner. Former Atlanta Braves and Washington Nationals president Stan Kasten is expected to take over the day-to-day running of the team. The deal is set to close April 30, the same day McCourt needs to pay his ex-wife a $131 million divorce settlement, the Los Angeles Times notes. (Read more Los Angeles Dodgers stories.)