Sparks To Stay In LA After Purchase By 'Magic'-Led Investment Group
LOS ANGELES (CBSLA.com) — The Sparks will continue to fly in Los Angeles in 2014.
KNX 1070's Jon Baird reports the WNBA unanimously approved Wednesday the purchase of the team by an investment group led by Lakers legend Earvin "Magic" Johnson and Dodgers controlling owner Mark Walter.
Sparks To Stay In LA After Purchase By 'Magic'-Led Investment Group
The ownership group, which also includes Dodgers co-owners Todd L. Boehly, Robert L. Patton and Stan Kasten, stepped in following former Sparks chairman Paula Madison's announcement in December that her family-owned Williams Group Holdings would no longer be involved with the team.
While purchase price and other details were not disclosed, the future of the Sparks - one of the eight original WNBA franchises - had been clouded after the former ownership group lost about #12 million since it began investing in the Sparks in 2007, according to the Associated Press.
RELATED: LA Sparks CEO Says It's 'A Sad Time' As Team Seeks New Ownership
But now Johnson said the future now looks brighter than ever for the former 2001 and 2002 WNBA champions.
"Thanks to my sister Evelyn, playing college basketball, I have a great appreciation of the talented players that represent the WNBA," Johnson said. "Our group will now work together to bring our loyal fans another WNBA
championship."
Johnson teamed with a group of investors to buy the Dodgers in 2012 for a record $2.15 billion.
(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)
