Johnson, who guided the Lakers to five NBA championships during the "Showtime" era of the 1980s, is a partner in the group along with longtime baseball executive Stan Kasten and movie executive Peter Guber. The controlling owner would be Mark Walter, chief executive officer of Guggenheim Partners, a Chicago-based financial services company.
Walter and McCourt met privately in New York on Tuesday, coming to an agreement only hours after Major League Baseball owners approved three final bidders.
Photos: Great moments in Dodgers history
The winning group paid $2 billion for the team -- a record for a sports franchise -- according to an announcement issued jointly with previous owner Frank McCourt.
"I am thrilled to be part of the historic Dodger franchise," Johnson said in the statement, adding the new owners "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."
After taking the team into bankruptcy last year, McCourt had sought to retain control of the parking lots surrounding the ballpark. It was announced he and "certain affiliates" of the new ownership will be "forming a joint venture, which will acquire the Chavez Ravine property for an additional $150 million."
Johnson's group will control the parking lots for Dodgers games and work with McCourt on any future development.
In the statement, McCourt said the sale "reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community."
The announcement Tuesday ended three years of turmoil during which the team's performance on the field deteriorated and the front office struggled financially.
McCourt chose Johnson's group over St. Louis Rams owner Stan Kroenke and a partnership of hedge-fund billionaire Steven Cohen and biotech billionaire Patrick Soon-Shiong.
The Dodgers last won the World Series in 1988, their sixth championship in half a century of O'Malley family ownership. The Johnson group would become the Dodgers' third owner since the O'Malleys sold the team in 1998, following News Corp. and McCourt.
The sale must be confirmed by the court in a hearing April 13. The transaction is set to close by April 30, the same day McCourt must pay his ex-wife $131 million in a divorce settlement.
If the deal closes as expected, the Dodgers would be owned by an entity called Guggenheim Baseball Partners. Kasten, former president of the Atlanta Braves and Washington Nationals, would run the team.
"Stan Kasten is my man," Johnson told The Times in announcing his bid last December. "He's a winner. He's built two incredible organizations, and he's well-respected. That is what was important to me. I had to get with a winner, a guy who understands baseball inside and out."
The sales price was nearly three times the previous record price for a baseball franchise, $845 million for the Chicago Cubs in 2009.
The bulk of the funding to buy the Dodgers came from Guggenheim. Walter is not expected to play a significant role in the day-to-day operation of the Dodgers.
Guggenheim President Todd Boehly and Bobby Patton were also listed as partners.
Johnson, who has built a reputation for community involvement since his playing days ended, would own a small stake in the Dodgers, as would Guber, who is co-owner of the NBA's Golden State Warriors. Johnson and Guber are partners in the Dayton Dragons, a minor league baseball team that has sold out 844 consecutive games, an ongoing record in U.S. professional sports.
