NBA legend Magic Johnson has built a business empire over the years. Despite earning a lot less compared to the current generation of athletes, Magic still managed to earn a fortune. After his basketball career was cut short because of HIV infection, Johnson focused on entrepreneurship and was soon very successful. Even though he is the face of his business, he did not achieve everything alone. Interestingly, one of the most important people in the firm declined him for a decade after he offered the job.

The Los Angeles Lakers legend has an estimated net worth of $620 million. Also, his investment firm Magic Johnson Enterprises has holdings worth an estimated $1 billion.

The president’s path to the firm

The growth of Magic Johnson Enterprises played a huge part in Magic Johnson’s success off the court. One of the most influential figures in the firm other than Magic himself is the President, Christina Francis. After working for various high-profile organizations for years, Francis agreed to return to Los Angeles and oversee Johnson’s business in 2014.

However, it was not easy for the 12x NBA All-Star to persuade her. Magic was so impressed after their first meeting, that he immediately offered her a job. But he had to wait over a decade.

Francis recently gave an interview to Sports Business Journal where he talked about her journey. During the sit-down, she revealed that she declined Johnson’s offer. She also disclosed the reason behind her decision. Francis said, “He and I laugh about it now, because I declined him and said, ‘No, I want it, but I still want to do more, and I want more experience before I come work for you.'”

She did not want to accept the offer before gaining more expertise and she did just. Over the next decade, Francis dedicated her time to sports marketing. Notably, she was part of Nissan’s marketing campaign around Super Bowl XXXI in 1997 as per the report. Also, she became the CMO of the Orange Bowl for four years. Furthermore, Francis was the VP of marketing and events for the NFL Players Association for three years.

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After joining Magic Johnson Enterprises in 2014, she became the president of the firm in 2019. Today, she manages Magic’s personal brand and also the company’s stakes sports franchises and other investments. Notably, she was an executive producer of the docuseries They Call Me Magic. Furthermore, she is reportedly set to have an influential position within the Washington Commanders ownership group.

The journey of Magic Johnson

Magic Johnson earned around $40 million when retired from the game of basketball. Over the years, the 5x NBA champion made some smart business decisions to build his fortune to $620 million. It is indeed an incredible journey from $60 million to $620 million. After all, he learned from the best in real estate mogul and the former owner of the Lakers, Dr. Jerry Buss.

Furthermore, the 3x NBA MVP understood the market demands and invested his hard-earned money to good use. Notably, Johnson enjoyed incredible profits from his investments in movie theaters and malls. Magic realized there were not enough theaters despite the interest of families. So, he took full advantage of the demand, and it worked wonders.

He then had massive success with his investment in the coffeehouse chain Starbucks. While fellow NBA legend Shaquille O’Neal did not see it working, Johnson saw huge potential and went all in. Interestingly, he made some tweaks to the menu and how his coffeehouses are set up. This was another masterstroke that led to immense success. In the fast-food industry, he also invested in Burger King and earned a lot. He had profited from his investments in 24 Hour Fitness centers.

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While he enjoyed success in the world of business, Magic’s love for sports did not wane. Over the years, Johnson used his wealth and face value to acquire stakes in some of the biggest sports teams in the world. Notably, he has stakes in the LA Dodgers, the Washington Commanders and LAFC.