Turning Billion Dollar Heartbreak Into $6,000,000,000 Triumph, What Are the Teams Owned by Magic Johnson?

The basketball career of NBA legend Earvin ‘Magic’ Johnson was cut short prematurely. However, the Los Angeles Lakers legend won almost every accolade there is during his time in the league. Furthermore, Johnson equipped himself to be one of the richest former athletes in the world. The five-time NBA champion has an estimated net worth of over $620 million. Interestingly, Johnson could have added billions to his fortune had he accepted the deal offered to him by Nike when he was a rookie.

Even though missing out on the Nike deal was a major slip-up, Magic did not let it demoralize him. Instead, he worked harder to be a better entrepreneur. Notably, he reached out to legendary Lakers owner Dr. Jerry Buss to teach him the ropes of running a team. Fast forward to 2023, and he is now part of the ownership groups of multiple teams in the big leagues.

The dream of Magic Johnson came true

Magic Johnson wanted to become the first Black owner of an NFL team when the Washington Commanders were on sale. However, it is easier said than done when some of the richest individuals are also eyeing the same. Notably, billionaire Jeff Bezos was reportedly one of the interested parties. Magic teamed up with Josh Harris who is a part owner of the Philadelphia 76ers.

They previously teamed up for the purchase of the Denver Broncos but failed. The team reportedly lodged a record-breaking bid of $6.05 billion for the Commanders. While many believed the deal would be done and dusted, there was late drama.

Interestingly, another former NBA player, Brian Davis, reportedly bid $7 billion for the Commanders. Furthermore, he was ready to transfer $1 billion within 24 hours and the remaining in the next seven days. This was thought to be a huge blow to the ambitions of Magic. However, there was another twist in the tale. According to a report from NBC Sports, Davis’ company filed a lawsuit against the Bank of America for failing to communicate a $7.1 billion offer to owner Daniel Snyder.

Even though Davis’ bid was $1 billion higher, Johnson and the Harris group secured the purchase of the Washington Commanders for $6.05 billion. Notably, it is the highest price paid for a North American professional sports franchise.

With this, Johnson realized his dream of owning an NFL team and also became the first Black owner in the NFL. He was ecstatic after the purchase was successful.

Johnson sold his stake in the Lakers

Becoming the part owner of the Washington Commanders was one of Magic’s biggest achievements. However, it wasn’t his first rodeo.

The Hall of Famer is one of the most iconic Lakers ever. During his time with the Purple & Gold, Magic grabbed the opportunity to purchase a stake in the club. However, he then sold his shares in 2010 for an undisclosed fee. It was reported that he had an eye on becoming the co-owner of the Detroit Pistons.

Notably, Detroit was just 90 miles away from Lansing, where Johnson grew up. Though he had a keen interest, things did not materialize.

Despite currently not having a major stake in any NBA team, he still has notable stakes in teams from other major leagues. Interestingly, Magic’s love for Los Angeles is clear with his investments even though he sold his stake at the Lakers. The 3x Finals MVP incredibly has major stakes at three LA teams: The LA Dodgers (MLB), the LAFC (MLS), and LA Sparks (WNBA).

His love for Los Angeles

Magic Johnson and the Guggenheim Baseball Management group purchased the Dodgers for $2 billion in 2012. It was a record for a professional sports franchise at the time. Given the relationship of Magic with the city of LA, the fans loved the acquisition and were all in. Furthermore, the ownership group put an end to the talks of moving the Dodgers to Brooklyn or changing the stadium.

This came as a huge sigh of relief for the fans. A few years later the Dodgers won the World Series in 2020 after a three-decade drought.

In 2014, Johnson along with Mark Walter, the controlling owner of the Dodgers, made another purchase in LA. The team, led by the duo, purchased the LA Sparks of the WNBA. Similar to the Dodgers, the Sparks were on the verge of moving or folding. However, Magic and his team made sure one of the oldest WNBA teams stayed in LA, again showing his loyalty to the city and the fans.

Just two years later, the Sparks won its third WNBA title in 2016.

Los Angeles FC started its journey in the MLS an expansion team in 2014. The ownership group led by Brandon Beck, Larry Berg, and Bennett Rosenthal also includes Johnson.

In 2022, the team won its first major achievement winning the MLS Cup.

With Johnson’s winning record as a player and an owner, the Commanders could be in for a major upheaval.