Looking Back on $27,000,000 Sale, Magic Johnson Turns “Bittersweet” Heartache Into Mind Blowing Moment

NBA legend Magic Johnson was recently all over the headlines for great reasons. Whether it was his star-studded summer vacation or the young fans he met in Italy, Johnson has been embracing all the attention. Recently, he made the news again for his acquisition of an ownership stake in NFL’s Washington Commanders. As people cheered on his latest acquisition, Magic reflected on his beginnings.

Speaking in an interview, The Lakers legend recalled the ‘bitter-sweet’ deal he once had to make. Recently, he spoke about his first experience as a team owner and the man who set him on the right path.

Magic acquires a stake in the Washington Commanders

As a bonafide star in Los Angeles, Magic Johnson was quite synonymous with the city. The stars loved him, the people loved him, and of course, so did his team. After all, he did bring them 5 championships in his 13-season career. But Magic always wanted to own a part of the NBA franchise. And his dream came true when he acquired 4.5% of the Los Angeles Lakers in 1994.

With this new ownership stake in Washington Commanders, Johnson is now the owner of 4 U.S. sports teams.

In an interview with ‘The LA Times’, Magic Johnson talked about his latest venture into NFL. When asked about whether he had always dreamt of owning a sports team, the 5-times NBA champion said, “No. No. No. Probably could not have dreamed of just one, let alone four.”

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He mentioned how the owner of the Lakers, Jerry Buss, got him started. It was Buss who played a significant part in Johnson’s first business venture.

Expressing his gratitude, Johnson said, “Also, it was what Dr. Buss taught me, terms of business, and what he allowed me to do in terms of owning the Lakers. Then that opened up the whole world to me once I was one of the owners of the Lakers.”

Why did Magic Johnson sell his Lakers stake?

In 1994, Johnson bought an ownership stake in the Lakers for $10 million.

Jerry Buss, the owner of the Lakers helped him get the part. But purely due to business reasons, the three-time NBA MVP sold his stake to Dr. Patrick Soon-Shiong. He mentioned to the public that, it was a “bitter-sweet business decision made on behalf of my family and myself.”

It was indeed a bitter-sweet moment given the point guard’s storied history with the team. But it’s worth saying that his loyalty to the team has remained steadfast over the years. It’s also noteworthy how the NBA legend turned the $27,000,000 sale of his Lakers stake into a mind-blowing string of four massive business deals.

Today, he owns 3 teams in LA! The Dodgers in the MLB, The Sparks in the WNBA and LAFC in the MLS. Now, the Washington Commanders become his 4th team, and the first he co-owns outside the State of California.

What do you think about his new business venture? Tell us in the comments.

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