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Magic Johnson, investment group buy L.A. Dodgers

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    Troubled baseball team has new owners

  • Duration 2:37
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Los Angeles Dodgers fans probably thought it'd take a miracle to fix their team.

But maybe all they need is a little magic instead.

The basketball legend Magic Johnson last night join a group of investors and agreeing to purchase the franchise for a record two billion dollars.

That's more than anybody's ever paid for any sports team period.

As you know the Dodgers -- -- on the verge of financial disaster for years now.

But tonight the players are reportedly ecstatic and who wouldn't be Trace Gallagher is in our Los Angeles newsroom this afternoon.

Nobody has ever paid even half this much for a baseball thing.

-- three years ago the Chicago Cubs went for 900 million dollar shot that was a record but now it's all about cable television rights and just down the -- the Los Angeles -- -- -- Los Angeles Angels rather side with our sister network fox sports for three billion dollars over twenty years the Dodgers.

Are expected to get at least that on top of that the new ownership group is deeply rooted here in Los Angeles so insiders believe Major League Baseball will approve this deal -- To deal reportedly is all cash there's not fit into -- and cap Magic Johnson -- ownership group.

And what that -- the sport which has -- minority ownership.

It's huge -- and -- is an insider that of course appealed to baseball well I don't see any problems.

You heard him say cast and he's talking about Stan Kasten who was the former president of the Atlanta Braves as well as the Washington Nationals he's expected to run the data -- baseball operations chip and Frank McCourt owned the thing amended -- -- his wife did may have the divorce and gotten -- and now he's gonna walk away -- millions and millions and millions and millions more millions.

Yet he bought the Dodgers back in 2004 for 430 million dollars then ran up 600 million dollars in debt has to pay as Wi-Fi 130 million dollars.

Now I can pay all of that often will walk away with hundreds of millions of dollars on top of that.

He still owns the land around Dodger Stadium including the parking lot listen.

The pilot that you're sure I would be concerned because I would want complete control.

But it's the same time in -- right apart he's not running the team and that it's a good thing that yes.

-- only running department of the Dodgers by the way have not won the World Series since 1988.

Magic Johnson is hoping.

To change that this year -- up against the Yankees -- Trace Gallagher live in LA -- concede things what you have to win this week's mega --

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