Basketball legend and businessman Earvin “Magic” Johnson reportedly is interested in getting into NFL ownership. He may be looking to buy a stake in the Las Vegas Raiders.
Citing unnamed sources close to the deal, Semafor reported last week that the Hall of Fame former NBA player is seeking a minority stake in the West Coast team, which is currently owned by the family of the late Al Davis. Al Davis owned the team from 1972 until his death in 2011. Davis’ son Mark Davis controls the team, sharing ownership with his mother Carol Davis.
Speculation on the Deal
The report of the former Lakers player’s bid follows a separate reported offer from an unnamed investor in August, one that based on a valuation of the franchise of $6.5 billion, Forbes reported.
The $6.5 billion valuation would be a record for a sports franchise.
Magic and his Sports Deals
It would not be a surprise, if the reports are accurate, that Johnson is the purchaser. He previously tried and failed to buy the Denver Broncos franchise, USA Today reported.
And, this would also be his second attempt to own part of the Raiders — he tried to own the team back when it was based in Oakland and the team was seeking a new stadium in the Bay area, CBS Sports reported.
Magic wanted to return the team to its Los Angeles roots and was associated with a potential investment group to make that happen, but the deal never materialized.
It is also worth noting that if the Raiders, a team that has won a total of three Super Bowls with five appearances, surpasses Denver Broncos’ valuation $4.7 billion, another team with three Super Bowl championships.
Johnson has been a minority stakeholder in the Major League Baseball’s Los Angeles Dodgers since 2012.
In 2010, Magic sold his 5 percent of the Lakers, saying his decision “was a bittersweet business decision made on behalf of my family and myself, and I want to assure all the wonderful and loyal Lakers fans that my decision will in no way affect my dedication and support for the Los Angeles Lakers. I am and will always be a Laker for life.”
Magic Johnson Enterprises
Outside of sports, Johnson has built his estimated $620 million net worth through many other ventures. Under Magic Johnson Enterprises, he owns franchise locations of national brands like Burger King, Magic Johnson Theaters, a movie studio, and a promotional marketing company. In 2010, he sold his 100-plus Starbuck franchise locations back to Starbucks parent company for a reported $75 million.
Magic Johnson Enterprises is valued at over $1 billion.