http://ca.sports.yahoo.com/mlb/news?slug=ycn-11165184
Let me be blunt here -- Magic Johnson does not have $2,000,000 laying around. Magic's estimated net worth is $500,000,000. http://thefutureforward.blogspot.com/2010/01/forbes-top-15-wealthiest-black.html
So he is buying the Dodgers for 4 times what he is worth. he is either borrowing the money, or he has some true money people behind him.
Here are the group members. The group includes Johnson, former Atlanta Braves and Washington Nationals
president Stan Kasten, controlling partner Mark Walter, Mandalay Entertainment
chief executive Peter Guber, Bobby Patton and Todd Boehly.
Gruber net worth - $400MM
Mark Walter -- he is the money: Mark Walter is chief executive officer of Guggenheim Partners, a financial services firm that deals with investments and securities among other services.Not much is known about Walter, whose company manages $125 billion in assets, but Johnson also told ESPN that the Iowa native, ideally, would be the one signing the checks for the team.
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I've seen an $800 million figure bandied about for Johnson's net worth, but that was a 2008 figure (before the economic downturn).
What the sports talk radio callers are forgetting is that it's the person with the money who makes the final decisions - and that person is not Magic Johnson.
Although it's better to have Magic in your ownership group that Steve Garvey - at least Magic has money.
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