Magic Johnson has expanded his economic empire by becoming a co-owner of the Washington Commanders. Johnson was a member of the group of investors led by millionaire Josh Harris that successfully purchased the NFL team.
According to NBC News, NFL owners unanimously accepted the $6 billion plan to end Daniel Snyder’s ownership of the franchise. Allegations of workplace misconduct were levied against him, and he was reportedly fined $60 million when it was discovered that the team failed to disclose money that it was meant to share with other franchises, according to the news site.
Johnson will become the franchise’s first Black co-owner, and he stated that joining the Commander’s ownership group was important to him. In a tweet, he stated that he grew up as an NFL fan and watched games every week.
“I’m especially thankful to Josh Harris who allowed me to be one of his partners with the Commanders,” he tweeted. “He is an amazing man, great friend, incredible businessman, proven owner and winner with the Philadelphia 76ers. Throughout the entire process, Josh and his crew have been outstanding. Our ownership group is dedicated to bringing a winning team and best-in-class organization to the D.C., Maryland, and Virginia communities and fan bases.”
He went on to say that the transaction was the most significant achievement of his business career and a watershed moment for the whole Black community. In terms of his commercial efforts in the Washington, DC area, he mentioned that he was one of the owners of the Washington Hilton, that he developed many Starbucks franchises and Magic Johnson Theaters, and that he helped to establish empowerment centers through the Magic Johnson Foundation.
“I also have my company SodexoMAGIC headquartered here. The DMV community has embraced and supported me, and I am honored and ecstatic to be a co-owner of the Commanders franchise,” he added in a tweet.
Johnson, born Earvin Johnson Jr., is an NBA Hall of Famer who was admitted for the first time in 2002 for his solo career and again in 2010 as a member of the Dream Team. His spectacular NBA career lasted seventeen years, from 1979 to 1996.
Johnson was chosen in 1979 and spent 13 seasons as a point guard for the Los Angeles Lakers. Three NBA MVP Awards, nine NBA Finals appearances, 12 All-Star games, and ten All-NBA First and Second Team nods are among his career accomplishments.
While enjoying his NBA career, Johnson had an eye for business. When his basketball career ended, his desire to become a businessman led him to form a relationship with famed super-agent Michael Ovitz, who taught him how to be a great businesswoman.
He has made one business move after another since leaving the NBA. He owns and operates over 100 Starbucks locations in places such as Los Angeles, New York, Seattle, Chicago, Denver, Detroit, Atlanta, San Diego, Washington, D.C., and San Francisco. He also owned multiple Burger King restaurants in various areas. According to The Sports Rush, he purchased 30 Burger King shops in Atlanta, Birmingham, Dallas, and Miami in 2004 and eventually sold them for $15 million.
Johnson made a significant push into the financial services business in 2015. He expanded his business portfolio by acquiring a 60% stake in a life insurance company. At the time of the transaction, EquiTrust Life Insurance Company oversaw $14.5 billion in annuities, life insurance, and other financial products, according to USA Today.
A year after his venture into the financial services sector, he opened the first-ever 24-Hour Fitness Magic Johnson Sports club in Oakland. The Oakland club is “47,000 square feet in size and has an array of exercise equipment and programs, an indoor pool, spa, steam room, sauna, and a regulation NBA-sized basketball court,” according to San Francisco Business Times.
Johnson also owns the Los Angeles Dodgers baseball franchise, Hero Ventures, the firm behind The Marvel Experience, the Los Angeles Sparks Women’s National Basketball Association team, and Vibe Holdings, a New York-based magazine and television company.