Magic Johnson’s most memorable impact on professional sports came during his Hall of Fame career with the Los Angeles Lakers. Although that period defined his legacy, the legendary point guard has refused to step out of the spotlight, even in retirement. Magic has managed to stay closely connected to sports – and line his pockets – through a series of investment deals since the end of his playing days.
Advertisement
The five-time champion’s first major investment came with Guggenheim Partners and Stan Kasten, who led a group that acquired the MLB’s Los Angeles Dodgers in 2012. Once Magic got a taste of being a hands-on owner, he couldn’t stop with just one franchise. Johnson was also involved in the purchase of the WNBA’s Los Angeles Sparks in 2014.
Later, he announced co-ownership of a Major League Soccer expansion franchise, Los Angeles FC, which began play in 2018 and won the MLS Cup in 2022. The former playmaker even holds a stake in the National Women’s Soccer League’s Washington Spirit.
That’s far from the biggest investment Magic made with a Washington-based team, though. In 2023, Johnson invested $240 million in a group that purchased the NFL’s Washington Commanders for just over $6 billion. The 12-time All-Star claimed this as his best investment.
“It’s the greatest deal I’ve ever done,” Magic said of his investment in the Commanders, who recently made an impressive playoff run. “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.”
Johnson could only be separated from the sport for so long, though. “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.'”
This wasn’t the first time Magic tried to buy an NFL team. Johnson, however, believes that he eventually ended up where he was supposed to.
“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,'” Magic said with a smile and thumbs up. “But the team we’re supposed to own, we own.”
Magic claimed that this group was destined to own the Commanders because of the group’s connection to the city and its former team name, the Redskins. “So now they got men who grew up loving this team who have now become the owners and the gatekeepers. And I knew that we were gonna do a fantastic job,” Johnson continued.
After surprisingly dismantling the top-seeded Detroit Lions in the NFC Playoffs last season, the Washington Commanders are expected to be one of the biggest risers in the upcoming campaign. With quarterback sensation Jayden Daniels leading the way, Magic Johnson and his fellow investors have to feel confident in their purchase.
