Magic Johnson Shocks Fans With Unexpected Move to Buy Washington Commanders
Magic Johnson has joined Josh Harris’ bid to buy the NFL’s Washington Commanders, according to a person with knowledge of the situation, the Associated Press reports.
Johnson, a basketball Hall of Famer who has become a prominent executive, is already involved in sports ownership, with stakes in Major League Baseball’s Los Angeles Dodgers, Major League Soccer’s Los Angeles F.C., and the WNBA’s Los Angeles Sparks. He was also part of Harris’ unsuccessful bid to buy the Denver Broncos, who were instead sold to a group led by Walmart heir Rob Walton for a record $4.65 billion. The Commanders are expected to sell for more, which would be the highest price paid for a North American professional sports franchise. Forbes estimates the team is worth $5.6 billion.
The pair linked up last season when Harris was looking to buy the Denver Broncos. Johnson was welcomed to the group though the bid was ultimately unsuccessful. The NBA legend and former Los Angeles Lakers part-owner is said to bring "both money and expertise" to the table for Harris' bid, Sportico reported Monday. The 63-year-old is already involved in sports ownership with stakes in major league soccer and football teams, while Harris along with partner David Blitzer owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils. Washington-area billionaire Mitchell Rales is also reportedly part of Harris’ group.
Commanders owner, Daniel Snyder, long embroiled in several controversies and accusations of an abusive work environment and financial improprieties, is looking to fetch $7 billion in a potential sale of the team. He and his wife, Tanya began exploring selling part or all of the team in the fall. Any sale would need to be approved by three-quarters of NFL owners, which could happen at their upcoming meeting in Arizona.
The NFL has just a handful of Black minority owners—including John Stallworth in Pittsburgh and Warrick Dunn in Atlanta—and the league has faced increased pressure in recent years to diversify its ranks. The most recent team to sell, the Denver Broncos, was purchased by a group that included former Secretary of State, Condoleezza Rice and Ariel Investments co-CEO, Mellody Hobson, both of whom are Black.
Johnson is no stranger to sports ownership. In 2011, when the Los Angeles Dodgers were for sale, Johnson joined the bid group led by Guggenheim executives. Johnson put in $50 million of his own money, a relatively small contribution to a successful bid that eventually topped $2 billion, but he played an outsized role in representing the group publicly. Sportico now values the Dodgers at $5.24 billion. Other than his obviously intelligent investments in sports teams, Johnson has also reportedly invested in real estate, franchised movie theatres, Starbucks stores, and gyms.
