This week on The Broke and the Beautiful, the Los Angeles Dodgers have scored a new owner in basketball superstar Magic Johnson. Also, Dolby is making noise about acquiring naming rights to the former Kodak Theatre.
It was sheer magic—Magic Johnson, that is—that brought forward the beginning of the end of the Los Angeles Dodgers bankruptcy saga this week. According to The Wall Street Journal, the basketball superstar led a group to produce a $2.15 billion bid for the team, a price tag that easily strikes out the record of the $1.1 billion Steve Ross paid for the NFL’s Miami Dolphins three years ago. The Los Angeles Times notes that Johnson, known by his first name of Earvin in the business world, is popular and widely recognized and has one of the most successful careers of any former professional athlete. “He is an extraordinary businessman who has done a great job of executing his strategies,” said former Johnson Development Corp. President Ken Lombard, who mentored Johnson in his transition to the financial world.
But it hasn’t all been good news in the sports world. Miami Beach developer Michael Stern, who filed for bankruptcy in 2009, has been arrested on wire-fraud charges. According to the Miami Herald, Stern allegedly helped cheat Indianapolis Colts defensive lineman Dwight Freeney in a restaurant deal. Stern was charged with taking $68,000 from Freeney, but examiners think his alleged scheme netted $2.4 million before Stern and Freeney’s business manager, Eva Weinberg, were arrested.
Read the rest of the article at The Wall Street Journal
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