Magic Johnson is part of a group buying the Los Angeles Sparks of the WNBA, according to a person familiar with the situation.
The person spoke to The Associated Press on condition of anonymity Tuesday night because no announcement had been made.
Johnson teamed with a group of investors to buy baseball's Los Angeles Dodgers in 2012 for a record $2.15 billion. It will be the same group owning the Sparks, minus Peter Guber, who owns a stake in the NBA's Golden State Warriors.
Previous Sparks owner Paula Madison informed the league in late December that she wouldn't be able to run the team anymore. She told The Associated Press that her family had lost $12 million on the franchise since buying it from the Buss family in 2007.
Johnson was a part owner of the Los Angeles Lakers for a decade before selling his share of the team in 2011.
While the franchise hasn't been successful financially, the Sparks have been one of the WNBA's best teams on the court and have led the league in attendance the past two seasons. They won titles in 2001 and 2002 and made it to the playoffs in five of the past six seasons. They were knocked out in the opening round by Phoenix this past season.
Los Angeles, one of only four original WNBA franchises left, also has one of the league's marquee players in MVP Candace Parker.
The WNBA will announce the Sparks' new ownership at a news conference Wednesday outside Staples Center.
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