Not many former NBA players have the luxury of multiplying their wealth by purchasing an NBA team. Magic Johnson has experienced what it’s like but has since transitioned to the NFL and the MLB. Despite being absent from the NBA ownership scene for nearly 15 years, his interest is returning.
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As great a basketball player as Johnson was, he may be a better businessman. In 2023, he became the third NBA player to reach billionaire status behind Michael Jordan and LeBron James. It took quite a lot of investment to reach the financial status he holds now. One of the first came through an ownership stake with the Los Angeles Lakers.
Aside from Kobe Bryant, no other Laker remains as beloved as Magic Johnson. Despite being an active player at the time, Johnson purchased a roughly 4.5% stake in the team in 1994 for about $10 million. He held on to that ownership share for 16 years before selling it to Patrick Soon-Shion for an estimated $29 million in 2010.
Johnson has pursued no other NBA business ventures since, but that doesn’t mean he has been completely silent. On ESPN’s First Take, he revealed he has kept his ears close to the ground and may be ready to strike surprisingly soon.
“I might have to get back into the NBA,” Johnson said.
Of course, Johnson prefers his Lakers, but he isn’t ruling out other options, “depending on who the owner is.”
Any NBA team should welcome Johnson as an owner. It seems his magic has trickled down to the teams he currently owns, which is evidenced by their level of success.
Johnson became a co-owner of the Los Angeles Dodgers in 2012. His 2.3% stake cost him $50 million. It’s safe to say the investment paid off, considering the Dodgers have won two World Series under Johnson’s administration.
The other team flourishing under Johnson is the Washington Commanders. The Hall-of-Fame guard became a minority owner of the team in 2023. Johnson contributed $240 million for a 4% stake in the team.
In the immediate season following Johnson’s presence within the franchise, the Commanders advanced to the NFC championship. That marked the first time they’d accomplished that milestone since 1991.
Success follows the trail Johnson leaves on the teams he governs. That has Stephen A. Smith begging him to save his sanity by purchasing his favorite team, the New York Knicks.
Johnson responded with a hearty laugh but provided a few words of reassurance for Smith. “If [James Dolan] ever puts the Knicks up for sale, I’ll be the first in line,” Johnson said.
Johnson’s aware that the likelihood of James Dolan selling the Knicks is extremely low, but he would do himself disservice if he didn’t state his interest. Possibly down the line, if the opportunity presents itself, Johnson could rock the blue and orange rather than the purple and gold.
