5 NBA players who became team owners feat. Magic Johnson
Over thepast few decades, NBA salaries and endorsement deals have skyrocketed with players becoming multimillionaires overnight.
Three-time MVP center Nikola Jokic agreed to a colossal $276 million contract. Boston Celtics All-Star Jayson Tatum recently signed a five-year, $314 million deal, the largest in league history. After inking his latest deal with the LA Lakers, LeBron James will become the first NBA player to cross the $500 million mark in career salary earnings by the time the contract is over.
While some athletes choose to put their money in more traditional investments such as stocks, bonds or real estate, others have taken on bigger risks by investing in sports teams and franchises.
We take a look at five NBA players (former and current) who have become team owners.
5 NBA players who became team owners
#5. Steve Nash
Steven Nash had an impressive 18-year professional career that saw him win two league MVPs. He played in over 1,300 games for the Phoenix Suns, Dallas Mavericks and LA Lakers.
After retiring from the league in 2015, the Canadian native was keen to bring a professional soccer team to his home province of British Columbia. Nash was one of the early members of the investor group that formed the Vancouver Whitecaps. The team has been playing the MLS since 2011, and Nash, who is a minority owner, has been known to occasionally attend team practices.
#4. Dwyane Wade
Dwyane Wade spent the majority of his 16-year career with the Miami Heat, where he won three championships. Wade is remembered fondly by the Heat fanbase but the former NBA Finals MVP decided to go a little farther west when looking for a sports franchise to invest in.
In 2021, Wade took an ownership stake in the Utah Jazz. The 42-year-old still owns a minority share of the NBA franchise. According to a recent piece in Yahoo Finance, the Jazz's valuation has jumped from 1.75 billion to close to 3.46 billion over the last three years, making this a highly profitable investment for Wade.
The Chicago native has also invested in this hometown WNBA team, the Chicago Sky.
#3. Michael Jordan
After retiring from the game in 2003, Michael Jordan returned to the league to purchase a minority stake in the Charlotte Bobcats in 2006. The move seemed like the perfect fit for the North Carolina native. In March, 2010, he increased his stake and became the first former player to become a majority owner of an NBA team.
The team, now named the Charlotte Hornets (since 2013), had relatively little success under the Jordan ownership era, reaching the playoffs just twice between 2010-2023.
Jordan may have not been able to transform the Hornets into a winning team, but the he did sell his majority stake in 2023 at a whopping $3 billion valuation, a significant increase from the $275 million valuation it was purchased for.
#2. Magic Johnson
Earvin "Magic" Johnson established himself as a fan favorite over 13 glorious seasons with the LA Lakers. After bringing five championships to Southern California, it seemed only natural that Magic make the transition to sports executive in the City of Angels.
In 2012, Magic Johnson was a member of a group that took ownership of the Los Angeles Dodgers. The fee of $2 billion dollars seemed like a hefty sum to put up for an MLB team but the Dodgers are now valued at significantly more than that figure.
Johnson also has a stake in the WNBA's Los Angles Spark and the MLS' Los Angeles Football Club. In 2023, he was part of a group that purchased the NFL's Washington Commanders.
#1. LeBron James
LeBron James recently signed a two-year, 101.3 million contract with the Lakers, taking his total salary earnings well over $500 million. At nearly 40 years old, James is the oldest active player in the league but that has not stopped him from investing in a few sports teams on the side.
James is a partner at Fenway Sports Group, which makes him a part owner of the Boston Red Sox, Pittsburgh Penguins and Liverpool Football Club.
Like Jordan did, James is rumored to be interested in owning an NBA team one day. There is speculation that he is interested in a possible expansion franchise in Las Vegas.