Magic Johnson looking to buy the Los Angeles Dodgers

After a dramatic nose dive that saw the Los Angeles Dodgers fall into bankruptcy and suffer a dismal season, the fabled franchise needed some magic to right the course. They may soon have that as Magic Johnson announced he's looking to buy the team.

Johnson announced Friday (Dec. 2) that he's partnering up with Guggenheim Baseball Management to purchase the Dodgers. It's estimated that the team and the Dodger Stadium grounds may sell for as much as $1 billion when it's put up for auction

The former Los Angeles Laker star tells the Detroit Free Press "I am so hyped, I'm ready to start right now. The Dodgers have been so important to this community for so many years, for so many reasons. I've lived through it all, like everyone else, and I want to make them great again."

Johnson is not the only high profile investor competing for the franchise. Former Dodger legends Steve Garvey and Orel Hershiser are part of an investment group looking to buy the team. Mark Cuban, owner the Dallas Mavericks and a multi-billionaire, has also considered it.