NEW YORK -- One Los Angeles institution is buying another.

A group that includes former Los Angeles Lakers star Magic Johnson and longtime baseball executive Stan Kasten agreed Tuesday night to buy the Los Angeles Dodgers from Frank McCourt for a record $2 billion.

The price would shatter the mark for a sports franchise. Stephen Ross paid $1.1 billion for the NFL's Miami Dolphins in 2009, and in England, Malcolm Glazer and his family took over the Manchester United soccer club in 2005 in a deal then valued at $1.47 billion.

Mark Walter, chief executive officer of the financial services firm Guggenheim Partners, would become the controlling owner.

The deal, revealed about five hours after Major League Baseball owners approved three finalists for an intended auction, is one of several steps toward a sale of the team by the end of April. It is subject to approval in federal bankruptcy court.

"I am thrilled to be part of the historic Dodger franchise and intend to build on the fantastic foundation laid by Frank McCourt as we drive the Dodgers back to the front page of the sports section in our wonderful community of Los Angeles," Johnson said in a statement Tuesday.

Appearing on ESPN's "Baseball Tonight" on Wednesday, Johnson said that he'll have an office at Dodger Stadium, but that Kasten is "the baseball man."

"I won't get in Stan's way. I won't get in our manager's way," he said, but added, "I will be heavily involved. I'm writing a big check here."

Johnson said his role would include recruiting free agents, and while he can't talk hitting or pitching with players, he "can talk winning."

Johnson said that he will help "sell the Dodger brand" to fans who might have turned their back on the team during the recent turmoil.

Dodgers general manager Ned Colletti sounded relieved Tuesday.

"We're thrilled that the bidding process has concluded and certainly looking forward to working with the new ownership group to bring another World Series championship to L.A.," he said. "I think it's tremendous for the city and the fans of the Dodgers."

Colletti added: "I think it was important to have deep L.A. roots, and that is what this group also brings. I think that is important to the fans, especially those in Southern California. Magic is not only a great basketball player, but also a great businessman in the city."