“Praying”: Magic Johnson Devastated as $1.2 Billion Empire’s Inspiration Passes Away

If Magic Johnson were to look back at his $1.2 billion business empire, he would certainly owe it to two local heroes—Gregory Eaton and Joel Ferguson. Providing janitorial services at the Michigan State University and recruiting Johnson as one of his first employees for a little over dollar’s pay an hour, Eaton assigned one of Ferguson-owned buildings to his roster of jobs. Johnson was in middle school then and Ferguson, already a developer and civil rights advocator. The first thought to pass through the bright mind of the young teenager was:

“I didn’t know we could own businesses as minorities.”

These three men, all hailed from Lansing, Michigan. By the time Johnson had a career revelation, he had worked his fingers to the bone. He was just 10 when he started a lawn-cutting business with his own mower and served as a stock boy at Quality Dairy by 15. By junior high, cleaning the hallways and bathrooms, Johnson was busy daydreaming about fantasy stuff—pretending he was a CEO. Looking back, Johnson said: “[They are] two men that I looked up to, who showed this little Black boy from Lansing, Michigan, that you can have bigger dreams than just making it to the NBA.”

Today, Johnson is a part owner of the NFL’s Washington Commanders, WNBA’s Los Angeles Sparks, MLS’ Los Angeles Football Club, and the esports franchise Team Liquid. Recollecting the memories, Johnson shared a message deep from his heart at Ferguson’s death at 85.

“I’m devastated to hear about the passing of my mentor, Lansing businessman, and the incomparable Joel Ferguson. Many kids have heroes they never get to meet, but I was fortunate to have two: my father at home and Joel, who lived right in my community,” Johnson wrote in a post on Instagram.

Johnson further emphasized how the high-profile Democrat’s influence on his life was a true gift to him. “Forever grateful for the time he shared with me—broadening my horizons beyond Lansing and truly changing my life,” he wrote. The 5x NBA champ also highlighted that despite Joel’s super busy schedule, he always made time for the community and Magic Johnson. Whether it be witnessing his state championships or taking him to witness his favorite boxer—Muhammad Ali—in action.

“Without Joel’s influence, I wouldn’t be the businessman, entrepreneur, or owner of multiple professional sports teams that I am today… Cookie and I are praying for his wife, Anna, his five children.” further read the caption.

Notably, Magic Johnson, in his post, also credited Ferguson for igniting in him a passion for entrepreneurship alongside his basketball dreams. A passion that, with the help of the right and significant investments, would eventually earn Johnson a net worth of $1.2 billion. “Joel showed me through his work that a Black man could own and excel in business,” wrote Buck. And yes, Ferguson was more successful in multiple fields than you’d think.

What makes Joel Ferguson an inspiration for Magic Johnson?

Ferguson’s story is one of dedication and resilience, shaping the community of Lansing, Michigan, where he was born and spent his life making a difference. A proud US Marine Corps veteran, Joel graduated from Michigan State University in 1965 with a degree in elementary education. By 1967, he made history as the first African American elected to the Lansing City Council, serving three terms with a commitment to progress.

However, his impact reached even beyond Lansing, as he played a role in national politics, contributing to the campaigns of Robert F. Kennedy, George McGovern, and Jesse Jackson. From 2001 to 2003, he even served as vice chair of the National Democratic Committee’s Black Caucus. And later supported Kamala Harris on her journey to the vice presidency.

His drive to uplift his community led him to co-found Capitol National Bank in 1983. Thus bringing local banking opportunities to Lansing. In 1995, President Bill Clinton appointed him to the board of the Federal Home Loan Mortgage Corporation (Freddie Mac). A role he held until 2001.

Further, from his real estate projects to his media ventures, the list seems to have no end when it comes to his impact in different sectors. No wonder Magic Johnson felt inspired, and he made all sorts of diverse investments.