LOS ANGELES (AP) — The $2 billion sale of the Los Angeles Dodgers to a group that includes former Lakers star Magic Johnson has been finalized.
The team announced the deal’s closure Tuesday in a statement. The Dodgers were sold to Guggenheim Baseball Management as part of a bankruptcy reorganization plan under former owner Frank McCourt.
A federal bankruptcy court judge in Delaware approved the sale last month.
The Dodgers entered bankruptcy in June 2011 during a bitter dispute with Major League Baseball. At the time, baseball Commissioner Bud Selig refused to approve a new TV deal with Fox Sports that the team was counting on in order to make payroll and keep the franchise solvent.
Copyright 2012 The Associated Press.