On March 27, 2012 — 2012 – The group led by former NBA star Magic Johnson and executive Stan Kasten emerges as the winner of the bidding process to buy the Los Angeles Dodgers from owner Frank McCourt under supervision of a bankruptcy court judge. The winning bid is estimated at $2 billion, the highest amount ever paid for a North American professional sports franchise; an additional payment of $150 million will secure the land around Dodger Stadium that McCourt originally wanted to keep for himself. The huge prize tag will allow McCourt to make hundreds of millions in profit, even after paying back the loans he took out to purchase the team for $430 million in 2004, and the $131 million owed his wife Jamie as part of a divorce settlement. The purchase must now be submitted to the bankruptcy court by April 6th, and the sale completed by April 30th.
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