When the Guggenheim Baseball Management group purchased the Los Angeles Dodgers from Frank McCourt, they paid a record $2.15 billion. It marked the first time a professional sports team was sold for more than $2 billion.
Dodgers chairman and controlling owner Mark Walter, team president and CEO Stan Kasten, and co-owner Magic Johnwon viewed the steep price as an investment. The group was confident they’d be able to restore the proud franchise to its previous heights.
In February, it was reported the ownership group had made a minority stake available for sale. According to Scott Soshnick of Bloomberg, Guggenheim valued the franchise at $2.