'Midas' Magic Johnson turned $40m NBA earnings into $1 billion business empire
Magic Johnson is closing in on a Vince Lombardi Trophy. The NBA and Los Angeles Lakers legend added NFL ownership to his growing portfolio in 2023 as one of the minority partners in Josh Harri…
Magic Johnson is closing in on a Vince Lombardi Trophy.
The NBA and Los Angeles Lakers legend added NFL ownership to his growing portfolio in 2023 as one of the minority partners in Josh Harris' successful bid to buy the Washington Commanders.
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Johnson was part of the ownership group who bought the Washington Commanders for a record fee in 2023Credit: GettyHarris paid $6.05 billion -- the highest price ever paid for a sports franchise -- to purchase the team from embattled previous owner Daniel Snyder.
Johnson invested roughly $240 million, or 4 percent, into Harris' purchase.
"It's the biggest thing I've ever done in my life," Johnson said at the time.
Now, Johnson's Commanders are just one game away from the Super Bowl. On Sunday, they will play in the NFC Championship game for the first time since 1991, the last time they won the Super Bowl, taking on the Philadelphia Eagles.
READ MORE NFLWashington has been a revelation this season after years in the NFL wilderness, improving their 4–13 record from 2023 to 12–5 in 2024, marking their first winning regular season since 2016 and highest win total since 1991.
Much of their success this season has been down to rookie quarterback Jayden Daniels, who was selected No. 2 overall in last year's NFL draft.
Daniels outplayed No. 1 overall pick Caleb Williams during a Offensive Rookie of the Year-caliber campaign, and on Sunday the dual-threat star will become only the sixth rookie quarterback in NFL history to play in a Conference Championship game.
Thanks to Daniels, and a doinked field goal, the Commanders won their wild-card matchup with the Tampa Bay Buccaneers, 23-20 -- their first playoff win since 2005.
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Magic and his wife Cookie were right there to share the emotional moment, soaking in the excitement.
"What a win for our Commanders tonight! Another last-second field goal to get our franchise's first Playoff win since 2005," he posted to Instagram.
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He celebrated with Commanders players after their playoff win against the BucsCredit: X@TheDunkCentral7
He also gave the team a passionate speech which was said to have deeply resonated with themCredit: X@TheDunkCentralMagic was even spotted outside the Commanders' locker room, celebrating with the players as they returned from the field.
"That's what we talked about," Johnson said to wide receiver Terry McLaurin. "Your leadership, man, your leadership. Congratulations."
Rookie cornerback Mike Sainristil also revealed that Johnson's passionate address to the team before the game deeply resonated with them.
"Magic Johnson came here to speak to us. He said that you have to fall in love with the process of winning," Sainristil told reporters.
The Commanders followed that up with a stunning upset win over the No.1-seeded Lions in Detroit.
It means Magic is now just two wins from from adding another world championship to his incredible trophy haul.
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The Super Bowl is the one trophy that has allowed him as a player/team ownerCredit: Getty7
Magic Johnson's Lakers dominated the NBA in the 1980s and he became the face of the leagueCredit: GettyFew players in the history of basketball have lit up the NBA hardwood like Earvin Johnson.
The 6ft 9in point guard was drafted by the Lakers with first overall pick in the 1979 NBA draft, winning five NBA championships with the 'Showtime' Lakers during the 1980s while reviving an entire sport alongside longtime rival Larry Bird.
Magic's swashbuckling style and swagger combined with his infectious smile and personality made him a household name and global icon.
Forbes estimate that Johnson earned around $40m during his 13-year playing career, less than a tenth of LeBron James' $479m earnings.
But, like 'The King', as well as GOATs Tiger Woods and Michael Jordan, Magic has built up a $1 billion business empire thanks to savvy investments and smart business deals.
Johnson -- worth an estimated $1.2b -- insists he could have become a billionaire sooner had he not turned down shares in Nike in the 1970s.
Magic Johnson draws parallels between Caitlyn Clark-Angel Reese rivalry and his rivalry with Larry BirdInstead, he penned a $1m yearly deal with Converse.
Appearing on the All The Smoke podcast, he said: "My family didn't come from money, that's one thing that hurt us sometimes.
"When you don't come from money, you don't know. I didn't even know what stocks [were] at that time.
"So I passed on the stocks. Can you imagine? 45 years, $5bn that stock would have been worth today."
Fortunately, Magic founded Magic Johnson Enterprises (MJE) in 1987, a conglomerate that has a net worth of $700 million, that has a commitment to fostering economic empowerment in undeserved communities.
Subsidiaries include Magic Johnson Productions, a promotional company, Magic Johnson Theaters, a nationwide chain of movie theaters, and Magic Johnson Entertainment, a film studio.
At one time or another, Magic Johnson Enterprises also included a dozen 24 Hour Fitness centers, more than 100 Starbucks locations, 31 Burger Kings, malls, and a T.G.I. Friday's in Los Angeles.
He eventually sold most of those, including the 100 Starbucks locations which made him over $100 million.
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He has an ownership stake in four different sports franchisesCredit: Getty7
The billionaire has invested in the Los Angeles DodgersCredit: Getty Images - GettyThe 12-time NBA All-Star also owns a minority stake in a PepsiCo bottling plant outside Washington D.C., which he purchased in a $60 million deal with investor Earl Graves in 1990.
However, EquiTrust, an Iowa-based life insurance company Magic purchased a 60% stake in in 2015, makes up the biggest chunk of his net worth.
According to Forbes, the company's assets have skyrocketed from $16 billion to $26 billion, with annual revenues of roughly $2.6 billion.
The 65-year-old first dipped his toes into sports ownership when he bought around a 4.5 percent stake of the Lakers in 1994 for a reported $10 million.
Magic sold that stake to billionaire Patrick Soon-Shiong for an undisclosed amount in 2010 but has continued to be closely aligned with various Los Angeles-based sports franchises, having ownership stakes in the WNBA's Los Angeles Sparks and the MLS's Los Angeles FC.
Johnson has won wherever he has owned, capturing the WNBA championship with the Sparks in 2016 and the MLS Cup in 2022 with LAFC.
"You guys gotta stop calling him Magic and start calling him Midas," one confidant of Johnson's said. "Because this guy, everything he touches in sports turns to gold."
The Dream Team icon is also a part-owner of the Los Angeles Dodgers, the Major League Baseball (MLB) team that won the World Series in 2020. He acquired a 2.3 percent stake in the Dodgers for $50 million in 2012 when they were worth $2.15 billion - now the franchise is valued at $4.8 billion.
Read More on talkSPORTMagic now has the chance to keep that winning streak alive, but only if the Commanders pull off an improbable victory in Super Bowl LIX next month.
If they get past the Eagles on Sunday, a clash against either the Kansas City Chiefs or Buffalo Bills will await them in 2025's big game.
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