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Magic Johnson Teams With Guggenheim’s Walter on Dodgers Bid

Earvin 'Magic' Johnson. Photographer: Andrew D. Bernstein/NBAE via Getty Images
Earvin 'Magic' Johnson. Photographer: Andrew D. Bernstein/NBAE via Getty Images

Dec. 2 (Bloomberg) -- Basketball hall of famer Magic Johnson is teaming with Guggenheim Partners Chief Executive Officer Mark Walter to bid on baseball’s Los Angeles Dodgers.

The group also includes Stan Kasten, former president of the Atlanta Braves and Washington Nationals. Kasten would relocate to Los Angeles and become the Dodgers’ chief executive should the group get the team, which filed for bankruptcy in June.

“Guggenheim Baseball Management brings together a team of proven winners with deep ties to the Los Angeles community, an impressive track record of sports excellence and the financial wherewithal to provide long-term financial stability for the Dodgers organization,” Walter said in a statement.

Guggenheim, founded in 2000 with backing from the Guggenheim family and based in New York and Chicago, oversees more than $125 billion in customer assets, according to the statement.

Johnson didn’t immediately return a message left on his mobile phone. On Twitter, he said, “I’m excited to have the opportunity to be part of the Dodgers legacy & bring a World Series championship back to LA.”

Kasten declined to comment.

The 52-year-old Johnson delivered five National Basketball Association championships to Los Angeles as leader of the “Showtime” Lakers. He sold his minority share of the team last year.

Other prospective bidders for the Dodgers include Dallas Mavericks owner Mark Cuban, SAC Capital’s Steve Cohen, Los Angeles developer Rick Caruso, former Buffalo Sabres owner Tom Golisano and baseball executive Dennis Gilbert.

The sale is being conducted by Blackstone Group LP.

Sports bankers have said the team could fetch a record $1 billion.

The bankruptcy case is In re Los Angeles Dodgers LLC, 11-12010 in U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Scott Soshnick in New York at

To contact the editor responsible for this story: Michael Sillup at

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