LA Lakers icon Magic Johnson and LA Dodgers chairman Mark Walters have joined financial forces to rescue another franchise in the city, with Los Angeles Sparks of the WNBA set to be saved from potential relocation.
ESPN reports that, along with Johnson and Walters, Dodgers president Stan Kasten will also have some involvement in ownership of the Sparks, as will Guggenheim partners Todd Boehly and Bobby Patton.
The LA Sparks have been in existence since 1997 and have won two WNBA championships, but their future has been in jeopardy since late last year after it was revealed then owner Paula Madison had run into extreme financial difficulty.
This period of uncertainty resulted in the stalling of free agency for the league and the drawing-up of a fixture list for the next season, but Guggenheim Partners have swooped to save the day.
It's news that has been greeted gleefully by WNBA president Laurel Richie who is now eager to look ahead to this new chapter for the Sparks.
"Everything moved relatively quickly," Richie said. "If you think about this happening in December, and close to 30 days later, being in position to announce a new ownership of this caliber.
"I just think that speaks volumes to who they are, how they work, and how interested they were.
"I think if you talk to both sides, who have worked pretty tirelessly for the last month, it indicates this ownership group's ability to identify an opportunity, go after it, and execute.
"And I'm proud of the team on our side that was able to partner with them. I think that bodes well for what we will do together in the future."