LA love! Magic Johnson wants to keep sports teams in LA & is willing to help when one of the franchises is in trouble. He is now willing to buy one (with a partner) to keep the franchise from leaving Los Angeles. Report after the jump…
Via YahooSports:
The Los Angeles Sparks, one of the WNBA’s marquee franchises, has been in danger of leaving the city due to money troubles and an uncertain ownership future. However, as reported by Ramona Shelburne for ESPN.com, Johnson and businessman Mark Walter are set to purchase the Sparks and keep them in town:
“Magic Johnson and Los Angeles Dodgers chairmain Mark Walter have partnered to buy the Los Angeles Sparks of the WNBA, saving the struggling franchise from relocation or contraction, according to sources with knowledge of the situation.
“The Sparks, one of the original eight WNBA franchises, have been in limbo since Christmas when their previous owner, Paula Madison, abruptly told the league and Sparks coaches and employees that her company could no longer operate the team. Madison subsequently told the Associated Press that her family lost $12 million operating the franchise since buying it from the Buss family in 2007 and $1.4 million last season.
“After Madison’s announcement, the league took control of the Sparks and actively sought to find new buyers. The Golden State Warriors confirmed to ESPNW’s Michelle Smith that they were interested in buying the Sparks and moving them to the Bay Area, which has a strong women’s basketball fan base because of the success of Stanford and California’s women’s programs.
“The Sparks and the WNBA have been in limbo ever since. It’s been impossible to schedule next season without knowing the fate of the Sparks. Free agency has been stalled. Talks on a new collective bargaining agreement have been slowed. […]
“It is the second time the duo has partnered to help resurrect an L.A. franchise. Johnson and Walter teamed with a group of investors to buy the Dodgers from embattled owner Frank McCourt in 2012 for a record $2.15 billion dollars. Walter is the chairman of the Dodgers and Guggenheim Baseball Management, and CEO of Guggenheim Partners, a privately held global financial services firm that manages more than $200 billion in assets.”
