Magic Johnson dominated the basketball court, making passes others couldn’t even dream of. His visionary passing owed a lot to his spectacular game intelligence. However, it’s not just on the court that Magic sees opportunities others cannot fathom.
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Johnson’s financial genius is nothing to sneer at. He once made over $100 million from selling his Starbucks stocks. Johnson is currently worth $620 Million. The Hall of Famer is fast approaching billionaire status, mostly powered by his involvement in enterprises that have yielded lasting value. Case in point, the Major League Soccer team, Los Angeles F.C. Magic has a stake in the team which recently became the first soccer club in the United States to be valued at over $1 billion dollars.
LAFC’s Financial Rise
LAFC’s remarkable rise over the past few years might just propel Magic into the billionaire club. To put this into context, there are, as of now, only two billionaire basketball players, Michael Jordan, and LeBron James. Being a billionaire requires a lot of luck apart from financial acumen. That luck might have just come to Magic from his stake in LAFC.
Founded in 2014 as an expansion team in the MLS, the soccer club has been on a remarkable winning streak. In 2022, LAFC won its first MLS Cup. This has meant that their valuation has increased at a dizzying rate. As a direct result, Magic, along with others like the owner of the club, Joe Tsai, and celebrities like Will Ferrell, will become much richer.
Magic Johnson and his Financial Genius
Betting on a soccer team in the U.S. where the sport is still nowhere as popular as basketball or football, was a long shot. However, for Magic Johnson, it has clearly paid off.
This knack for smelling financial opportunities isn’t new. Magic netted over $100 million dollars from Starbucks stocks. Johnson was instrumental in convincing Howard Schultz, the owner of Starbucks, to expand, especially into the inner city areas.
Johnson convinced Schultz after taking him into a movie theater that he owned and making him watch a movie. The experience convinced Shultz and he eventually signed a deal with Magic to expand. Down the line, Magic would sell his stock for more than a hundred million dollars. Not a bad deal for the big man.
