Magic Johnson was drafted as the first pick by the Los Angeles Lakers in 1979. In his rookie season itself, the Lakers won the NBA Championship. Magic became the only rookie ever to win Finals MVP. Johnson played for 12 seasons with the Lakers before he suddenly announced his retirement after he tested positive for HIV.
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In those 12 seasons, Johnson led the Lakers to five championships and won several accolades during that time. After his retirement in 1991, Magic served as the Head Coach for the Lakers during the 1993-94 season. He coached the team for 16 games, during which time the Lakers had a 5-11 record. After his failed coaching career, Magic instead chose to purchase a 5% stake in the Lakers. Magic later sold his stake in 2010, which earned him anywhere between a $20 to $40 Million profit.
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He served as the team’s President of Basketball Operations from February 2017 to April 2019. Under his term, the Lakers signed LeBron James but could not make a single playoff appearance.
Magic Johnson refused a stake in Golden State Warriors
Recently, Magic Johnson was a guest on Shannon Sharpe’s podcast, Club Shay Shay. There, Magic spoke about quite a few topics, including owning sports franchises. Since Magic sold his stake in the Lakers in 2010, he hasn’t yet invested in another NBA franchise.
Talking about the same, Johnson revealed it wasn’t the lack of opportunities that held him back. Instead, it was his love for the Lakers.
“I do [want to own an NBA team], just the right situation. But I’m such a Laker fan, I don’t know if I can do it.”
Talking about it further, he said that he had chances to own stakes in teams such as the Warriors, but he didn’t.
“I’ve had four opportunities, and I turned them all down. Joe Lacob and Peter Guber sat down for lunch with me in Santa Monica: ‘We want you to be our partners with the Golden State Warriors.’ I love both men, I just couldn’t do it. I’m a Laker, I love the Lakers.”
Was Magic giving up on the Warriors the right decision?
When Peter Gruber and Joe Lacob purchased the Warriors in 2010, they bought the franchise for $450 Million. It’s been 12 years, and the Warriors are worth a whopping $7 Billion now.
Most valuable NBA franchises:
1. Warriors ($7B)
2. Knicks ($6.1B)
3. Lakers ($5.9B)
4. Bulls ($4.1B)
5. Celtics ($4B)This is the first year the top spot is held by a team not named the Knicks or Lakers in 2 decades 🤯 (via @Forbes) pic.twitter.com/BPL74FFamr
— Guru (@DrGuru_) October 27, 2022
It isn’t clear when Joe and Peter asked Magic to become a partner, but if it had happened anytime during the ride, Magic’s investments would have had a huge return. The Warriors jumped their net worth in the past 12 years thanks to their four championships and six NBA Finals runs. It also helps that they have the NBA’s greatest showman Stephen Curry on their squad.
