I woke up so refreshed this morning! Last night was MAGICAL as Dodger fans celebrated the news that the Magic Johnson group won the ownership rights to our beloved baseball team. Magic Johnson is the face of the team, but there are quite a few other players involved. Let’s look at the other minority owners and how the pieces all fit together.
Mark Walter– Walter is the CEO of the Guggenheim Partners, a privately held financial company, that is based out of Chicago and New York. They control $126 billion in assets. The company has over 1,700 employees worldwide with more than 25 offices in 10 countries. Walter will become the controlling owner of the Dodgers.
“We provide asset management, investment banking and capital markets services, insurance, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals.”
Bobby Patton– Patton is an oil and gas operator among his other investments. He will have a minority stake.
Todd Boehly– Boehly is the president of Guggenheim Partners working alongside Mark Walter. He has a degree in economics and lead the corporate credit business for Guggenheim.
Magic Johnson– Magic will be a full-time team executive with an office at Dodger Stadium.
Stan Kasten– Kasten is the MLB and NBA executive, the traditional baseball guy, who built up the Atlanta Braves when they were on top of their game-winning 14 consecutive division titles. He will most likely become the team’s new president, and he will be calling the shots.
Peter Gruber– Guber is an experienced Hollywood executive and producer who also is co-owner of the Golden State Warriors. He will be a minority investor in the Dodgers. Guber’s Mandalay Sports company owns several minor league baseball franchises. When Guber was CEO of Sony Entertainment, Guber helped Magic Johnson launch his movie theater chain. Guber will be able to help the team in marketing, fan experience, and community affairs.
The new enterprise will be dubbed Guggenheim Baseball Management LLC.
Mr. McCourt said the agreement “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.”
In a statement, Earvin Magic Johnson said, “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.”
2012 is shaping up to be a MAGICAL year…now let’s get to work!