Earvin “Magic” Johnson is teaming up with an investment group to join the ongoing bidding war for the Washington Commanders.
On Monday, insiders confirmed Johnson’s addition to a group led by investor Josh Harris that’s bidding for an ownership stake of the Washington NFL team, ESPN reported. Johnson is already part owner of the Los Angeles Dodgers and previously teamed up with Harris on their failed bid to buy the Denver Broncos.
Along with Johnson, Harris’ group also includes billionaire Mitchell Rales, a Washington, D.C. resident with a net worth of $5.5 billion. Harris is already the owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
Forbes has the Commanders listed with a value of $5.6 billion in the wake of owners Dan and Tanya Snyder announcing their intention to sell the team last November. NFL owners have been meeting in Phoenix since Monday, which has further heightened speculation on when a deal will be closed. Sources say a deal won’t be reached until the owners meet again in May.
It’s unclear how much Johnson is willing to put forth to purchase the team. But the NBA Hall-of-Famer comes with wealth and experience as a former professional athlete.
Johnson isn’t the only Black businessman interested in NFL ownership. Last year, it was reported that Jay-Z and Jeff Bezos met for dinner to discuss purchasing the Commanders, as noted by Sports Illustrated.
The NFL has been catching heat in recent years for the lack of minority owners in the league. Currently, the NFL has John Stallworth, former NFL player and part owner of the Pittsburgh Steelers, and fellow former NFL player Warrick Dunn, who owns the Atlanta Falcons, as Black owners, Sportico reported.
The Denver Broncos were purchased by a group that included former Secretary of State Condoleezza Rice and Ariel Investments co-CEO Mellody Hobson, both of whom are Black women. Johnson has gone on to find huge success in business since retiring from the NBA in the early 90s.
The Los Angeles Lakers champion has acquired wealth and acclaim as a businessman thanks to his success in real estate, franchised movie theaters, Starbucks chains, and fast food and gym franchises. He currently serves as a Fanatics board member, and an investor in the WNBA’s Los Angeles Sparks, esports organization aXiomatic, and MLS team LAFC.