Top Ten Videos to watch

Graduates tossing caps into the air
Freddie Gray Baltimore Protests
Mid section of man in graduation gown holding diploma
Legendary Baseball Player Tony Gwynn's Family Files A Lawsuit Against Big Tobacco
ME.jailhouse#2.0117.CW Montebello City Council has approved use of a private contractor to run the n
Chicago Mayor Rahm Emanuel Addresses Police Misconduct At Chicago City Council Meeting
WWII Soldiers Standing In A Flag Draped Sunset - SIlhouette
Students Taking a College Exam
Bill Cosby Preliminary Hearing
Hillary Clinton Campaigns In Louisville, Kentucky
Worried black businesswoman at desk
Tyler Perry And Soledad O'Brien Host Gala Honoring Bishop T.D. Jakes' 35 Years Of Ministry
Teacher with group of preschoolers sitting at table
FBI Officials Discuss Apprehension Of Explosions Suspect After Three-Day Manhunt
NFC Championship - San Francisco 49ers v Atlanta Falcons
US-POLITICS-OBAMA
Protests Erupt In Chicago After Video Of Police Shooting Of Teen Is Released
24673281
US-VOTE-DEMOCRAT-SANDERS
Nine Dead After Church Shooting In Charleston
Portrait of senior African woman holding money
Medicare
President Bush Speals At Federalist Society's Gala
Police
Police Line Tape
Senior Woman's Hands
Police officers running
New Orleans Residents Return to Housing Projects
David Banner
2010 Jazz Interlude Gala
Leave a comment

Magic Johnson DodgersFormer NBA Lakers icon and entrepreneur extraordinaire Magic Johnson has won a bid to buy the baseball team the Los Angeles Dodgers for $2 billion, a record price for a U.S. pro-sports franchise, reports the Los Angeles Times. The monumental purchase also makes Johnson the first black Major League Baseball owner.

SEE ALSO: Can Oprah Save OWN With Interviews?

The agreement was announced Tuesday night by the team’s owner Frank McCourt who bought the team back in 2004 for $330 million.

‘LIKE’ NewsOne’s FB Page To Stay Up On Black News From Around The World

Johnson actually led a group of five other business partners who bid on the team and their offer came out on top in bankruptcy court.  McCourt placed the Dodgers in bankruptcy in order to stop Major League Baseball Commissioner Bud Selig from gaining control of the team.  The L.A. team had accumulated a mountainous debt of more than $600 million, and on top of this, McCourt was in the throes of a bitter and costly divorce with an exorbitant settlement that would put him out of pocket $131 million.  Last December, a judge ruled that McCourt could not sell the team’s future media rights, which forced his hand to unload the franchise.

During the auction process, which was supervised by the courts, McCourt was allowed to select a winning bid.  Reportedly, the winning bid of $2 billion actually exceeds the appraised value of the team, which stands at $1.4 billion including all of its revenue.

The sale must be approved by the court in a hearing on April 13 and the transaction is set to close on April 30 which is the exact day that McCourt must pay his ex the hefty divorce settlement.

Meanwhile, Johnson is ecstatic about his pending major-league purchase.  “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,” Johnson said in a statement.

SEE ALSO:

Binge Drinking Can Increase Pregnancy Risk For Women On Birth Control Pill

Roswell UFO Debris Is Part Of Area 51 Exhibit

Also On News One: