NBA Legend Magic Johnson Interested In Buying Shares In NFL Raiders

According to a Semafor report, NBA star Magic Johnson is interested in purchasing a stake in the Raiders.

Magic Johnson, a former player for the Los Angeles Lakers who is now a successful businessman, is negotiating to buy a small part in the Oakland Raiders, claims Liz Hoffman of Semafor. According to the source, Johnson has recently been putting together a team of investors, and the group is currently completing due diligence on the team.

According to reports, Johnson is aiming for an ownership position that would establish a record price for the sports team. A consortium led by Johnson is vying for a small ownership position in the Raiders. For comparison, Forbes reported in August that owner Mark Davis had accepted a bid for a minority ownership in the team, valuing the entire Las Vegas franchise at $6.5 billion.

It is unknown whether Johnson made that offer or if the current deal under consideration is valued at that much, but considering the soaring profits of NFL teams and the Raiders’ advantageous Las Vegas location, it is difficult to picture anyone getting a good deal on a Raiders investment.

Johnson has reportedly contemplated investing in a plan to relocate the Raiders back to Los Angeles during a time when the team was at a crossroads regarding its future in Oakland.

Other Investments by Magic Johnson

In line with his business interests during the past 30 years since his NBA retirement, Johnson is pursuing an NFL club. His company, Magic Johnson Enterprises, already has an interest in the Dodgers as well as restaurant chains Burger King and Starbucks.

Johnson’s enormous corporate portfolio will grow even further if he is successful in acquiring the NFL. Johnson already has small ownership interests in the Los Angeles Football Club of Major League Soccer, the Los Angeles Sparks of the WNBA, the Los Angeles Dodgers of Major League Baseball, and the esports powerhouse Team Liquid. All of those holdings are minority shares, but they demonstrate Johnson’s investment variety and the billionaires’ desire to have him represent their ownership groups publicly. Prior to 2010, Johnson owned shares in both the Lakers and the minor league baseball franchise Dayton Dragons.

The Raiders are among the NFL’s founding teams because they existed prior to the 1970 union of the American Football League and National League. Johnson has undoubtedly been a supporter of the team since they relocated to Los Angeles in 1982, yet it is difficult to pinpoint when he first became a fan.

Magic Johnson, probably the best point guard in NBA history, made a reputation for himself playing basketball. His devotion to the NFL and the Raiders, however, is unshakeable.

 

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