How much is Magic Johnson worth?
How much is Magic Johnson worth? Thomas Barrabi Fox Business March 4, 2020, 2:09 AM UTC
NBA legend Magic Johnson built a business empire following his Hall of Fame career with the Los Angeles Lakers .
A five-time NBA champion, Johnson was the centerpiece of the “Showtime” Lakers during their prolific run in the 1980s.Johnson earned nearly $40 million in salary during his NBA career, including a 25-year, $25 million contract with the Lakers in 1981 that ranked as the richest deal in sports history at the time.
Johnson retired from the NBA in 1991 following his diagnosis with HIV but later returned to the Lakers for separate stints in 1994 and 1996.After his second retirement, Johnson began his business career in earnest.Scroll to continue with content Ad
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Magic Johnson Enterprises , Johnson’s investment firm, has holdings worth an estimated $1 billion across various industries, according to its website.Johnson’s acquisitions included a chain of 125 Starbucks stores, which he later sold .
He holds controlling stakes in financial services firm EquiTrust, the ASPiRE television network and various other companies.
The 12-time NBA All-Star bought a 4 percent ownership stake in the Lakers in 1994 for $10 million.In 2010, Johnson sold his Lakers shares for an undisclosed sum , though some reports said he earned $50 million to $60 million in the transaction.
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Aside from his ties to the Lakers as a player and owner, Johnson briefly served as the team’s coach in 1994.He also served as Lakers’ president of basketball operations from 2017 until his abrupt resignation in 2019.
In 2012, Johnson partnered with a group of investors, including Guggenheim Partners CEO Mark Walter, to buy Major League Baseball’s Los Angeles Dodgers in a deal worth a then-record $2 billion.
Johnson told “HBO Real Sports” that he contributed $50 million to the deal.Story continues
Johnson also holds an ownership stake in the WNBA’s Los Angeles Sparks, Major League Soccer’s Los Angeles FC and the esports franchise Team Liquid..