Los Angeles Dodgers owner Frank McCourt has announced an agreement to sell the bankrupt team for $2 billion to a group that includes former Lakers star Magic Johnson and former Atlanta Braves and Washington Nationals president Stan Kasten.
St. Louis Rams owner Stan Kroenke was one of three final bidders approved by Major League Baseball, along with Johnson's group and a group led by hedge fund founder Steven Cohen.
The agreement, announced Tuesday night, is meant to lead to a transfer of the team by the end of April. It is subject to approval in federal bankruptcy court.
Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner. The price would be easily be a record for a North American sports franchise.
NFL Commissioner Roger Goodell said Monday from the NFL Annual Meeting that the league was ready to act quickly to address any conflict of interest under the NFL's cross-ownership rules in the event Kroenke won the bid.
The Associated Press contributed to this report.