MUMBAI: The U.S Bankruptcy Court under Judge Kevin Gross Friday approved the $2.15 billion sale of Los Angeles Dodgers and Dodger Stadium to Magic Johnson fronted Guggenheim Baseball Management.

Guggenheim Baseball Management includes Mark R. Walter as its controlling partner, Magic Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.

"We are pleased to have successfully concluded the Chapter 11 reorganisation process," Dodgers said. "All the organisation?s goals in the reorganisation cases have been achieved. We look forward to returning all of our attention to Dodger baseball."

Approval came over objections from MLB that it needed "reasonable time" to review documents from the sale and a right to remedy -- to the point of vacating -- Gross? confirmation of the sale if documents yet to be produced are found to be in violation of MLB rules and regulations or contrary to information provided when owners approved the Guggenheim bidding group.

The Dodgers entered bankruptcy last June when they couldn?t meet player payroll or pay bills after MLB Commissioner Bud Selig declined to approve a $3 billion agreement between Fox and the Dodgers to extend their television broadcast rights.

MUMBAI: Bankrupt MLB franchise Los Angeles Dodgers has been bought by a consortium led by legendary Laker Magic Johnson‘s bidding group for the Dodgers and Dodger Stadium for $2 billion, making it one of the costliest purchases ever paid for a North American sports franchise.

The sale officially is to Guggenheim Baseball Management LLC, which includes Mark R. Walter as its controlling partner, Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Current owner Frank McCourt and certain affiliates of the purchasers will also be forming a joint venture, which will acquire the Chavez Ravine property and parking lots for an additional $150 million.

"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," said Johnson.

The deal will be presented to bankruptcy judge Kevin Gross next month for an expected approval. The price would set a new mark for a sports franchise, topping the sale of the NFL‘s Miami Dolphins to Stephen Ross ($1.1 billion) in 2009 and of the Manchester United soccer club in England by Malcolm Glazer and his family ($1.47 billion) in 2005.

"This transaction underscores the Debtors‘ objective to maximize the value of their estate and to emerge from Chapter 11 under a successful Plan of Reorganization, under which all creditors are paid in full," the Dodgers said in a release.

"This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community," said McCourt. "We are delighted that this group will continue the important work we have started in the community, fulfilling our commitment to building 50 Dream Fields and helping with the effort to cure cancer."

The Dodgers entered bankruptcy last June when they couldn‘t meet player payroll or pay bills after MLB Commissioner Bud Selig declined to approve a $3 billion agreement between FOX and the Dodgers to extend their television broadcast rights.

Based on a settlement with MLB and overseen by the bankruptcy court, McCourt had until 1 April to identify a winning bidder. The deal must close by 30 April, the same day McCourt must pay his former wife, Jamie McCourt, a $131 million divorce settlement.

There were three final bidders in the auction run by Blackstone Advisory Partners on behalf of McCourt -- the winning group of Guggenheim, Johnson and Kasten; billionaires Steven Cohen and Patrick Soon-Shiong and agent Arn Tellem; and Stan Kroenke, owner of the St. Louis Rams.

The McCourts bought the Dodgers in 2004 from Fox for a net purchase price of $371 million. With the $2 billion for the team and stadium, plus $300 million for the surrounding land and parking lots, the selling price is a total of $2.3 billion, just shy of $2 billion appreciation in eight years.

Reacting to the sale of Dodgers, MLB Commissioner Allan H. (Bud) Selig released a statement saying, "It is extraordinarily exciting for Major League Baseball that Magic Johnson, a beloved figure in Los Angeles and around the world, has entered into an agreement, along with Guggenheim CEO Mark Walter and longtime baseball executive Stan Kasten, that would make them a part of our national pastime,"

"I believe that a man of Magic‘s remarkable stature and experience can play an integral role for one of the game‘s most historic franchises, in a city where he is revered. Major League Baseball is a social institution with important social responsibilities, and Magic Johnson is a living embodiment of so many of the ideals that are vital to our game and its future.

"The interest in this franchise and its historic sale price are profound illustrations of the great overall health of our industry. This has been a long, difficult process, and I once again want to thank the great Dodger fans for their loyalty and patience."