LA Dodgers' owner Frank McCourt finally sold the team on Tuesday night, to a group led by none other than the Magic Man himself.
Johnson, along with former Atlanta Braves and Washington Nationals president Stan Kasten, bought the historic LA franchise for a record $2 Billion, according to the Associated Press.
The deal, which was announced just hours after MLB owners approved three finalists for the sale, is expected to be closed by the end of April.
Johnson released a statement shortly after the news broke on Tuesday, expressing his excitment about the deal and the prospect of owning the Dodgers.
"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," Johnson said in the statement.
While Johnson is clearly the biggest name on the owners' ticket, he won't be the majority owner once the deal is finalized. Mark Walter, CEO of the financial servies firm Guggenheim Partners, is set to take the majority stake and become the controlling owner of the franchise.
The purchasing group, known as Guggenheim Baseball Management, also includes Guggenheim president Todd Boehly and Mandalay Entertainment CEO Peter Guber.
The $2 Billion purchase price ranks as the highest price for a North American sports franchise. The Dodgers' deal topped the previous record for a sports team, when Steven Ross bought the Miami Dolphins for a record $1.1 billion in 2009.
The two other finalists to buy the franchise were Stan Kroenke, whose family owns the St. Louis Rams, Denver Nuggets and a few other sports franchises, as well as a group led by Steven Cohen, who is a limited partner of the New York Mets.