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Saturday, November 26, 2022

Magic Man

Earvin "Magic" Johnson continues making big business moves.

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Levar Dawkins
Levar Dawkinshttps://theinternationaltelegraph.news/
Editorial Team Rating: 4-AAAA Primary Journalism Sector(s): Entertainment, Sports

Since retiring from the NBA in 1996, Earvin “Magic” Johnson has been extremely busy. He and his team (Magic Johnson Enterprises) have been investing in lucrative businesses, such as the Los Angeles Dodgers, Los Angeles Lakers, movie theaters and restaurants in the United States; such as T.G.I.Fridays and Burger King (30), 24 Hour Fitness (12), and we can’t forget stakes in Starbucks. He even had stakes in a cable network he started named AspireTv, and a life insurance company (Equitrust), just to name a few. As of 2022, Magic’s net worth is about 600 million, making him one of the richest athletes in the world.

Magic is a perfect example of what to do with your money after a successful career as an athlete.  Some would think being worth 600 million would be enough, but not Magic. The NBA legend is reported to be in talks to purchase a stake in the Las Vegas Raiders.  If he does this, it will set a record for sports franchise deals.  Magic is already part-owner of the MLB’s Los Angeles Dodgers, and as of late, he has been putting together a team of investors to take a shot at the minority piece of the Raiders. 

The Raiders are owned by the Davis family. The cost of the minority stake is unknown, but Forbes reported in August that the Raiders received a minority offer from an unnamed investor for $6.5 billion.

Magic has been interested in owning a piece of the Raiders for quite some time. It won’t be cheap, but Magic’s pockets run deep.  Per Axios, there are at least 16 NFL teams worth at least $4 billion. The highest, in 2022, belongs to the Dallas Cowboys, sitting at a reported $7.6 billion. The Cincinnati Bengals are the lowest valued team in the league, sitting at a reported $2.8 billion.

As talks continue, I really hope Magic lands this deal. I mean he has had a hand in almost every major sport in the USA. Why not get a piece of an NFL franchise? Magic, I am rooting for ya!!!!

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