Just Another Day In SouthLA
An investment group led by Los Angeles Lakers legend Magic Johnson and Mark Walter, founder and the chief executive officer of Guggenheim Partners and chairman of the Los Angeles Dodgers, announced Wednesday that they have purchased The Sparks, Los Angeles’ financially struggling WNBA team.
On the court the Sparks have been a winner, taking home championships in 2001 and 2002 and tying for second best record in the league last year. But money-wise the team’s been a loser. Sparks CEO Paula Madison said her family firm has lost nearly $12 million on the team since 2007, and was projected to lose another million this year.