The Los Angeles Dodgers have been sold to a group of investors that includes former Michigan State basketball star and Los Angeles Laker Magic Johnson for a record $2 billion dollars.

According to ESPN, that price shatters the previous record of $1.1 billion that Stephen Ross paid for the Miami Dolphin in 2009.

The deal was announced five hours after Major League Baseball owners approved three finalists for an intended auction. That's one of several steps as the team goes through a bankruptcy process and hopes to be resolved by the end of April.

Magic Johnson in a statement said " I am thrilled to be part of the historic Dodgers 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."