Magic Johnson net worth: Lakers legend involved in $6 billion deal to takeover NFL’s Commanders

Magic Johnson, the Los Angeles Lakers legend, is reportedly involved in a $6 billion deal to take over the NFL’s Washington Commanders. Johnson is part of an ownership group led by Philadelphia 76ers’ governor, Josh Harris, and also includes billionaire Mitchell Rales. The group has officially submitted a bid to purchase the team, which is currently owned by Dan Snyder.

With this bid, Magic Johnson’s net worth could potentially increase, as the Washington Commanders are one of the most valuable franchises in the NFL. According to Forbes, the team is currently worth $4.2 billion, making it the seventh most valuable franchise in the league. If the bid is accepted, Johnson would become part of an exclusive group of NBA players turned NFL team owners, such as Michael Jordan (Carolina Panthers) and Shaquille O’Neal (minority owner of the Sacramento Kings).

Magic Johnson’s current net worth is estimated to be around $630 million. However, his business ventures outside of basketball have helped him accumulate this fortune. After retiring from the NBA, Johnson has been involved in several business ventures, including owning movie theaters, restaurants, and coffee shops. He has also been a successful investor, with stakes in companies such as Starbucks and AMC Theatres. In 2012, he became part of the ownership group that purchased the Los Angeles Dodgers for a record-breaking $2.15 billion.

If the bid for the Washington Commanders is accepted, it could potentially become one of Magic Johnson’s most significant business ventures to date. The Commanders are one of the most valuable sports franchises in the world, and owning an NFL team would add a new dimension to Johnson’s already impressive portfolio.

The ownership group led by Harris and Rales is currently competing against other bidders, including Tilman Fertitta, Steve Apostolopoulos, Brian Davis, and Amazon founder Jeff Bezos. It’s unclear if Snyder plans to accept the $6 billion offer or continue courting offers. However, with the bidding process potentially coming to an end soon, the sale of the Washington Commanders could happen any day now.

Related: How Many Rings Does Magic Johnson Have?

From Court to Corporate: The phenomenal rise of Magic Johnson as a business Mogul

Earvin “Magic” Johnson is an NBA legend, businessman, philanthropist, and motivational speaker who has become one of the most successful African American businessmen in the world. As the Chairman and CEO of Magic Johnson Enterprises (MJE), he focuses on providing high-quality products and services primarily to underserved urban communities. MJE is comprised of multiple business entities and partnerships that include a $1 billion real estate fund, a $500 million private equity fund, an African American television network, and several other ventures.

Magic’s Starbucks partnership is noteworthy for its success in promoting urban community redevelopment, and he divested his shares in the company in 2010 for over $100 million. However, he still supports Starbucks’ community development initiatives. He also teamed up with former AEG CEO Tim Leiweke to bring an NFL team back to Los Angeles and build a new stadium.

Magic’s commitment to transforming urban America extends beyond his business ventures. He is the Chairman and Founder of the Magic Johnson Foundation, which focuses on HIV/AIDS awareness and prevention, community empowerment, and scholarships for disadvantaged youth. His unwavering commitment to these causes has made the Magic Johnson Foundation one of the most recognizable philanthropic organizations in the world.

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