Billionaire Magic Johnson Reveals the Reason Behind Washington Spirit Ownership Greed

“I didn’t know money when I grew up, my parents didn’t know money. So when I got to the NBA I had to find people who knew money. That’s why I’m sitting here.” Two months ago, Magic Johnson sat down with BBC News and spoke about his process of becoming the Billionaire he is today. In 2023, he reached the billion milestone a few months after he became the co-owner of the Washington Commanders. So, is money the motivating factor for the Los Angeles Lakers legend to keep building his portfolio?

And the answer is no. Despite being part of four ownership groups, Magic Johnson hasn’t swayed away from his mission. “I love sports. I love to be in the ownership because it’s important that they see minorities in an ownership position.” Johnson was alongside Michele Kang on CBS Mornings.

Kang is the first woman of color to hold a majority stake in an NWSL team and Johnson said they clicked from the first time they met in Los Angeles. Apart from representation, the 5x NBA champion also stated a few important things he wished to do for his athletes.

“I love helping the athletes transition from their sport to hopefully business or whatever they want to do after their time being an athlete,” said Magic Johnson. Kang has developed the Spirits, demonstrating a remarkable turnaround since she took over in 2022. In just two years under her, the NWSL side has seen unprecedented growth in fan engagement. As a result, attendance in the Audi Field has nearly tripled. Previously, the average count was 5000. Now, it is 14,000.

Johnson is already a part of the ownership group with the Commanders (NFL), Los Angeles Sparks (WNBA), Los Angeles FC (MLS), and Los Angeles Dodgers (MLB), who he also dubbed to be his favorite out of all the teams. Plus, and not mentioned in the interview, his eSports franchise — Team Liquid.

The 1979 first-overall pick had an interest and wanted to learn more about the business and he got that teachings early on, thanks to the man who was responsible for his selection.

Magic Johnson and his path of creating his own dynasty

Dr. Jerry Buss paved the way for Magic Johnson and planted the seed of team administration. And once the 3x Finals MVP retired, he worked towards his goal by acquiring the Lakers’ stakes. In the June 16th edition of the LA Times, the 65-year-old honored the teachings of his mentor.

“It was his mentorship. He guided me and he was that father figure that made sure I had all the tools necessary to be successful.” During his career, he faced backlash from his teammates for being in close relations with the front office. At the time, there was an unwritten rule, where it was forbidden for players to side with or speak with the executives.

With his mentor’s teachings, Magic Johnson became one of the few black owners in the NFL. And in the interview with CBS Mornings, he claimed he wants to add another championship to the previous 14 World championships secured. With the growth of Spirits under the leadership of Michele Kang, the timing from Johnson seems perfect as the DC team currently occupies the second spot and is in a comfortable space heading into the playoff season.