Magic Johnson Answers Critics Over Dodgers Price Tag
CNBC Sports Business Reporter
When the winning Magic Johnson/Guggenheim Partners Dodgers price emerged, there were many critics questioning the price paid for it.
Word had circulated that hedge fund manager Steve Cohen was the next highest bidder, $700 million below the winning bid.
In his first comments relating to the $2.15 billion bid, Johnson told CNBC that he was confident that the price was right.
“It’s market value,” Johnson said, on the stage of Magic/Bird, the play about Johnson and Larry Bird’s relationship that opens tomorrow on Broadway. “I mean, 20-something bidders wouldn’t have come after the Dodgers if they didn’t feel it was going to be a great deal.”
Johnson insisted that “the Dodgers have high value and we know that we will make sense of the numbers …There’s plenty of opportunity to make money.”
Johnson referred to his ownership team as “good” and “smart” businessmen.
CNBC & “CNBC SportsBiz” on the NBC Sports Network will have a profile the play and how it’s changing the makeup of the Broadway theatergoer later this week.
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