Magic Johnson spent over a decade as one of the faces of the NBA, yet the Hall of Famer only made $40 million throughout his illustrious career. Had it not been for a record-breaking 25-year, $25 million contract that paid him until 2009 — 13 years after his second retirement — Magic’s career earnings would be even lower. Yet, the Lakers legend has managed to turn his modest fortune into hundreds of millions over the last decade.
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Magic’s net worth has exploded into the billions since the 2010s, thanks to several smart investments in professional sports teams. He won a bid as part of an investment group seeking to buy the Los Angeles Dodgers in 2012. Then, after several failed discussions to buy an NFL team, Johnson invested $240 million in a group that purchased the Washington Commanders in 2023.
With so much success as an owner under Magic’s belt, Alex Rodriguez was interested in the five-time NBA champion’s advice. A-Rod wanted to know what he could do to be a better owner. The MLB legend will soon have the responsibility of running the Minnesota Timberwolves himself, after all.
“I think, first of all, have a three-to-five-year plan on where you want to take the franchise. Make sure that everybody is on the same page and everybody in your organization understands that plan,” Magic answered. “And have a great relationship with your players. I think when you have a great relationship with your players, they’ll come to you and tell you, ‘Hey, we need this, we need that, to be successful.'”
The 12-time All-Star’s biggest point was to make sure to keep players happy and let them know that you care as an owner. Lastly, Magic stressed that an owner of a professional sports team can’t be a pushover. Even someone with a happy-go-lucky personality like Johnson understands that the job isn’t all sunshine and rainbows.
“And then, last but not least, listen, be demanding, and hold everyone accountable,” Magic told Rodriguez. “You know, I come around that corner, you may see a smile. But you let us be losing, no smiling, right? My job is to hold everybody accountable … Make sure they understand what’s the identity of this franchise.”
Alex Rodriguez spent over two decades in the MLB, but the former superstar shortstop will be getting his first crack at ownership next season. Following a years-long legal battle with longtime owner Glen Taylor, A-Rod and his investment partner, Marc Lore, will finally be taking full control of the Timberwolves and Minnesota Lynx.
A-Rod and Lore made a deal to give themselves control of the Wolves back in 2021 before Taylor called off the sale completely in March 2024, claiming the pair had breached the terms of their contract after the Wolves’ value skyrocketed following the breakout of Anthony Edwards.
Eventually, an arbitration panel sided with Rodriguez and Lore, giving them the green light to finalize the purchase by April 2025 for $1.5 billion. Their fingerprints are already all over this team, however, as it was their pursuit of Tim Connelly that brought the GM to the team.
The Timberwolves have impressively made back-to-back Western Conference Finals appearances and boast a generational young star in Anthony Edwards. But after flaming out with a Finals berth on the line two seasons in a row, it’s clear A-Rod and co. will need to do some offseason tinkering to build the team into the contender he imagined they could be when his group first purchased the franchise.
