Magic Johnson, the showtime star, who made his name in Los Angeles recording triple doubles, flashing his million dollar smile, and hoisting NBA championship trophies, led an ownership group with sports executive Stan Kasten and movie executive Peter Guber to purchase the Los Angeles Dodgers for a record $2 billion on this date in 2012.
The sale marked the end of a tumultuous tenure with Frank McCourt owning the team. McCourt drove the franchise into bankruptcy, nearly running out of cash to pay his players. After buying the Dodgers for $430 million in 2004, the Boston real estate developer leveraged the team into a reported $433 million of debt only five years later.