Magic Johnson Discusses Investing in the Washington Commanders Worth $6.3 Billion

Magic Johnson‘s tenure with the Los Angeles Lakers, which earned him a spot in the Hall of Fame, had the most lasting influence on professional sports. Even in retirement, the renowned point guard has refused to leave the spotlight, despite the fact that that time shaped his legacy.

Through a number of business ventures since the conclusion of his playing career, Magic has been able to maintain a strong connection to sports while still making money.

Stan Kasten, who led a group that purchased the Los Angeles Dodgers of Major League Baseball in 2012, and Guggenheim Partners made the five-time champion’s first significant investment. Magic couldn’t settle with just one franchise after seeing what it was like to be a hands-on owner.

Magic Johnson talks about his investment in the Washington Commanders

However, that was by no means Magic’s largest investment in a Washington-based team. Johnson contributed $240 million to a company that paid just over $6 billion to acquire the NFL’s Washington Commanders in 2023. This, according to the 12-time All-Star, was his best investment.

Regarding his investment in the Commanders, who just had a fantastic playoff run, Magic stated:

“It’s the greatest deal I’ve ever done,” “First, as a kid, I’m already a football fan. I played football, but I knew I was better at basketball, so I gave it up in high school to concentrate on basketball.”

“But to know I’ve been a big fan of the NFL, not knowing that a man of color could actually become an owner in the NFL. But I had Josh Harris say, ‘Hey, I want you to be a part of this ownership group.’” 

“We had went after the Denver Broncos, but a young man from Walmart said, ‘I don’t care what you bid, I’m gonna outbid you, so you might as well just keep your money.’ And Josh and I said, ‘Okay, we give,’”

 “But the team we’re supposed to own, we own.”

Magic had previously attempted to purchase an NFL team. On the other hand, Johnson feels that he ultimately found his destiny.

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