“Magic Johnson bought the LA Dodgers for an astonishing $2.5 billion!”: When a consortium spearheaded by the Lakers legend brought 7 times MLB champions for an eye-watering sum

Magic Johnson is a player who found success off the court. A reputed businessman, he led the bid to buy the LA Dodgers for $2.5 billion!

In 1991, arguably the greatest point guard of all-time retired from basketball. Magic Johnson made the decision to retire from the sport after learning he had contracted HIV.

Despite being done with a basketball, Magic was not done with his life. The four-time NBA Champion had always been an entrepreneur and turned his attention to activism and business.

Johnson is the CEO of Magic Johnson Enterprises, a $700 million company. He also has numerous partnerships and investments, including Fanatics, Naturade, Top Golf, Aon, Best Buy, and many more.

“You’re the only one who can make the difference. Whatever your dream is, go for it.” – Magic @MagicJohnson pic.twitter.com/X7kPScFvCS

— Magic Johnson Ent. (@MagicJEnt) January 13, 2014

Also Read: “Magic Johnson personally netted $100 million from Starbucks stock”: How Lakers legend’s idea to open 125 stores gave Howard Schultz a coffee empire

Magic also has ownership of a number of sports teams, like Team Liquid, the Los Angeles Sparks, and the Los Angeles Football Club. He is even a part-owner of the LA Dodger, a team he shelled out quite a bit of money for.

Magic Johnson led the Guggenheim Baseball Management group, buying the LA Dodgers for $2.5 billion in 2012

In 2012, the MLB was at odds with then Dodgers owner Frank McCourt. The MLB Commissioner at the time, Bud Selig believed that McCourt was saddling the club with debt and dipping into the team’s coffers for personal expenses.

The situation exploded and after a huge amount of legal pressure, the Dodgers were put up for sale!

Enter Earvin “Magic” Johnson, who led the Guggenheim Baseball Management group and bought the club in 2012. The price was set at $2.5 billion, the highest amount paid for a sports team at the time.

Also Read: “Magic Johnson made $15 million from 30 Burger King locations”: How Lakers legend’s $1 billion company grew with a bevy of business savvy investments

It was a huge offer, and frankly hard to resist. A great investment by Magic, seeing as the team would win the World Series eight years later in 2020.