LOS ANGELES (AP) — A person familiar with the situation says Magic Johnson is part of a group buying the Los Angeles Sparks of the WNBA.

The person spoke to The Associated Press on condition of anonymity because no official announcement has been made.

Johnson teamed with a group of investors to buy the Dodgers in 2012 for a record $2.15 billion.

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 Lakers for a decade before selling his share of the team in 2011.

The WNBA will officially announce the new ownership at a press conference on Wednesday outside the Staples Center.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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