OT? Magic buys Sparks

[Kilroy]

By Ramona Shelburne:

Magic Johnson and Los Angeles Dodgers chairman 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.

[+] EnlargeMagic Johnson
Paul Spinelli/MLB Photos/Getty ImagesMagic Johnson is partnering with Dodgers chairman Mark Walter to buy the WNBA's Sparks, saving the franchise from relocation or contraction, sources say.

The new Sparks ownership group also includes Dodgers president Stan Kasten and part owners Todd Boehly and Bobby Patton, according to sources.

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.

I'd be willing to bet he's trying to go after the Lakers too.

[myersia]

By Ramona Shelburne:

Magic Johnson and Los Angeles Dodgers chairman 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.

[+] EnlargeMagic Johnson
Paul Spinelli/MLB Photos/Getty ImagesMagic Johnson is partnering with Dodgers chairman Mark Walter to buy the WNBA's Sparks, saving the franchise from relocation or contraction, sources say.

The new Sparks ownership group also includes Dodgers president Stan Kasten and part owners Todd Boehly and Bobby Patton, according to sources.

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.

I'd be willing to bet he's trying to go after the Lakers too.

Hope he does.

[MiniMamba24]

too bad there are salary caps. If the guggenheim group bought the lakers they'd go on a spending spree like they did with the dodgers lol. of course current management would probably do the same as well with no salary cap.

[Wavy Q]

Id be surprised if Magic could afford majority ownership of the Lakers

[Kilroy]

Id be surprised if Magic could afford majority ownership of the Lakers

I didn't say majority ownership... He's part of an ownership group and they collectively own the Dodgers and the Sparks. Magic is just the face of the group from the sports worlds point of view.

Love Magic... Glad he helped buy the Dodgers, because that was a dying franchise and anything was better than being owned by MLB... But I don't get the feeling there's any real depth of emotion to what they own. The money behind him is big business money, and profits are going to be a primary concern at some point.

Personally, I'd rather the Buss kids own the Lakers.

My point really is that I think it's safe now to say that when Magic criticizes the Lakers and Jim Buss, it may not be out of purely altruistic motivations... I think it's at least smart to question whether there might be something to gain by having Magic Johnson run down the team.

[Slava]

Yeah if Magic wants a stake he'd likely have to buy the entire Buss family share or buy from Anschultz or Patrick Shoon. Magic gave away his own share and I doubt he's eyeing the Lakers.

[Kilroy]

Guggenhiem... "Over $200 Billion in assets..."

You're telling me it's out of the realm of possibility that "Guggenhiem Sports Ownership" would want to own one of the most lucrative franchises in the NBA?

Magic sold his share... In retrospect, most likely to be able to buy into the Guggenhiem bid for the Dodgers.

[TonyMontana]

Can we trade Pau to them?

Do it Mitch!!

[Slava]

Guggenhiem... "Over $200 Billion in assets..."

You're telling me it's out of the realm of possibility that "Guggenhiem Sports Ownership" would want to own one of the most lucrative franchises in the NBA?

Magic sold his share... In retrospect, most likely to be able to buy into the Guggenhiem bid for the Dodgers.

I'm a total dunce when it comes to financial matters but its suggested that Guggenheim partners manage investments worth $200 billion, I don't know how much their revenue from that is and if the NBA would allow an asset management firm to own a franchise.

[Slava]

Guggenhiem... "Over $200 Billion in assets..."

You're telling me it's out of the realm of possibility that "Guggenhiem Sports Ownership" would want to own one of the most lucrative franchises in the NBA?

Magic sold his share... In retrospect, most likely to be able to buy into the Guggenhiem bid for the Dodgers.

I'm a total dunce when it comes to financial matters but its suggested that Guggenheim partners manage investments worth $200 billion, I don't know how much their revenue from that is and if the NBA would allow an asset management firm to own a franchise.

Forgive me, I got my answers, they apparently paid $2.15 billion in cash to acquire the Dodgers. Lakers would likely be easy for them too.

[Kilroy]

It's interesting too that they have different "Partners" having different stakes in different franchises... It's likely how they avoid ownership restrictions.

Also, they're a private company so they don't have to disclose as much about their assets as public investment firms. But I think it's safe to say, they're rolling...

That said, the Lakers aren't going to be taken over without being willing sellers, and we know ALL the kids have to agree to that, so it's not likely to happen. It's just that Magic saying "Jim's the problem" may not be as innocent as it once seemed.

[Kilroy]

Enough... Stay on topic. myersia, you have a PM.

[Kilroy]

[tweet]https://twitter.com/Candace_Parker/status/431133099695824896[/tweet]

[dockingsched]

its hilarious how great of a job these guys have done to use magic as the face for all the money they spend. i would be interested in seeing just how small of piece of the pie magic has for himself.

[Wavy Q]

I don't think its Jay-Z levels of insignificant but either way it cant be that much

[Kilroy]

It's hard to get a feel for the exact numbers but my impression is that all the money Magic ever earned would be a drop in the bucket compared to what his partners have control of... So yeah...
And as a huge Magic fan, it makes me hope that he found a way to buy a place at the table for all of it, not just the Sparks and the Dodgers.

its hilarious how great of a job these guys have done to use magic as the face for all the money they spend. i would be interested in seeing just how small of piece of the pie magic has for himself.

Regardless though, you can't say he didn't jump at the opportunity. There are no victims here. And if he's incredibly smart and plays his cards right, maybe he can end up with a bigger piece of the pie.

[Speedlot]

Magic paid 50 million to buy the dodgers. That's about 1%, if my math doesn't suck.

[dockingsched]

It's hard to get a feel for the exact numbers but my impression is that all the money Magic ever earned would be a drop in the bucket compared to what his partners have control of... So yeah...
And as a huge Magic fan, it makes me hope that he found a way to buy a place at the table for all of it, not just the Sparks and the Dodgers.

its hilarious how great of a job these guys have done to use magic as the face for all the money they spend. i would be interested in seeing just how small of piece of the pie magic has for himself.

Regardless though, you can't say he didn't jump at the opportunity. There are no victims here. And if he's incredibly smart and plays his cards right, maybe he can end up with a bigger piece of the pie.

oh no, not trying to paint anyone as a victim. they've all used each other for their benefit, they're al winners. just funny how its worked so well that you get media talking about magic buying the dodgers or in this case the sparks when he's such a insignificant part of the ownership pie.

[Kilroy]

Yeah I didn't get that from what you posted, just making a general point.

And I agree. even though 50M isn't chump change, it's still comical that he's portrayed as the head of that group. I think they're perfectly fine for the most part letting him be the public face of their interests in LA, with the possible exception of Kasten, who I'm sure want's to be seen as a driving force behind the Dodgers.

But the board meetings are probably eye-opening.

[Slava]

Magic was worth $500 mil as of 2009, I don't know how much he has now though