For years, fans of the Washington Commanders have been waiting for Daniel Snyder to either sell the team or for the NFL to take it away. Well, Thursday, they got their wish. An investment group that included NBA Hall of Famer Magic Johnson, offered a bid of $6 Billion dollars that was accepted by Snyder.
While there is more paperwork that must be handled and the deal accepted by the NFL and its owners, it looks as if Johnson will make his way into the league after having shares in the Los Angeles Lakers and the Los Angeles Dodgers (MLB). Also within that group is Josh Harris who also owns the Philadelphia 76ers (NBA) and the New Jersey Devils (NHL), and billionaire Mitchell Rales.
While not the lead guy in the group, Johnson’s name will still hold weight. With African- Americans trying to get a seat at the NFL table as far as ownership goes, Magic is once again making headlines. Count this as one of his many smart investments since retiring from the NBA in 1996.
Besides the Commanders, Johnson has made great choices in where he puts his money.
In 1995, Johnson bought a 4.5% stake in the Lakers for $10 million. As the NBA grew, the value of the teams escalated — especially the Lakers. In 2010, the Lakers were worth $607 million. As a result, Johnson’s $10 million investment was worth between $40-$50 million and he sold his stake in the team.
He invested in Los Angeles FC of Major League Soccer and after only three years, the team is valued at $700 million. In 2014, Johnson invested in the L.A. Sparks of the WNBA by outright buying the team alongside Los Angeles Dodgers owner Mark R. Walter. Speaking of the Dodgers, Johnson was involved in their $2 billion purchase by putting up $50 million.
He has partnered with ‘Canyon Capital’ and financed 30 real estate developments in 13 different states. This has generated $2 billion, and his involvement in this type of real estate sums up his approach to growing his wealth. He was also involved in a joint venture that dealt with the $8 billion rebuild of LaGuardia Airport.
Magic Johnson has never been one to sit back ad wait for an opportunity. He was like this in the NBA as a rookie. Now, he’s proving that black athletes have more to bring to the table than popularity and being a showpiece. Let’s just hope this opens the door for others to walk through.
Dan Snyder has agreed to sell the Washington Commanders for $6 billion to a group led by 76ers managing partner Josh Harris and including Magic Johnson, per @Sportico— Bleacher Report (@BleacherReport) April 13, 2023
It would be the highest price ever paid for a sports team. pic.twitter.com/xJDlSKSQyW