Magic Johnson cannot become the face of the Dodgers until the sale of the team closes, which is scheduled for April 30. The U.S. Bankruptcy Court is set to approve the sale agreement on April 13.
Major League Baseball retains the right to review the deal, because the $2.15-billion purchase price for the team far exceeds the figure proposed by the Johnson group earlier in the bidding. MLB will scrutinize the structure of the transaction, with its mix of individual and institutional investors, but the league is not expected to challenge the deal. A court-appointed mediator already has approved it.
In addition, the deal is all cash and no financing, so it wouldn't add to the Dodgers' already significant debt load. The purchase price for the team itself is $2 billion -- roughly $1.6 billion in cash and $400 million in debt assumption. An additional $150 million is for a joint venture between the Johnson group and outgoing owner Frank McCourt to control the parking lots surrounding the stadium.
Under terms of the deal, no development would take place on the lots unless the Johnson group and McCourt agree. The deal also ensures that McCourt can retain partial ownership of the lots and share in any future development revenue.