How does ex-Lakers' President Magic Johnson's net worth compare to current owners/GM of Lakers
Magic Johnson's net worth is highly impressive for multiple reasons. The former Los Angeles Lakers great was also the president of the team at one point. Due to his many incredible accolades, some forget that Magic stayed involved with the Lakers after his playing days.
Johnson decided to step down, releasing the following statement:
"After heavy deliberation and a weighing heart, I have decided to sell my share of the Lakers" said Johnson. "I am truly humbled to have been a Lakers player for 13 years and an owner for over 10 years. I thank [Lakers majority owner] Dr. Buss from the deepest part of my heart and soul for allowing me such an incredible opportunity. I will continue to work alongside Dr. Buss, Jeanie Buss and Mitch Kupchak in their efforts to continually build and maintain the best NBA franchise in the league.”
Magic reportedly has a net worth of $620 million, making him one of the richest people that's involved in sports. His involvement with the Lakers certainly helped him reach that figure.
How does Magic Johnson's net worth continue to grow? Let's break it down and compare him to some of the current Lakers owners and general managers.
How does Magic Johnson's net worth grow over the years?
Magic does plenty of different things, including being a talk show host, former NBA player, actor, film producer, athlete entrepreneur, television producer, and basketball coach.
Johnson has also invested heavily in franchises. He owns 30 Burger Kings, more than a dozen 24-Hour Fitness, multiple Starbucks licenses, and a few other food business deals. Magic is also the founder and CEO of Magic Johnson Enterprises, which is a black entrepreneurship and empowering organization.
Magic Johnson's net worth compared to current owners/GM of Lakers
Jeanie Buss is the current president of the Los Angeles Lakers. Her net worth is reportedly at an impressive $500 million. Her family has been involved with the Lakers for most of her life, while she also does other things.
Buss spoke with ESPN about some of her investments, including investing in women's sports.
"What do you do if you played field hockey?" Buss told ESPN. "You probably started when you were 10, 11, 12 [years old] and sacrificed a lot of your life and now you're just going to hang it up? I wanted to create something [where] female athletes would have an opportunity to perform in front of a large audience. Wrestling has always been very popular with the fans."
"People want to invest in women's sports," Buss said. "It has to be the right vehicle, the right platform for women to shine. That's why I think wrestling and women athletes are a perfect mix. That's what I believe in. That's why I'll put my name on it, put my money behind it. I believe in these women."
Rob Pelinka, the current general manager of the Lakers, is also a successful person. Pelinka, although has faced heat for the current Lakers team, has typically put together some of the better NBA teams. He attended the University of Michigan Law School.
Pelinka, unlike Buss and Johnson, has a net worth below $100 million. It's reported that Rob Pelinka has a net worth of around $35 million.
He spoke a bit about what he did in his life to get him into the position that he's currently in:
“I was committed to doing well in sports and being a standout in the classroom,” Pelinka told his audience. “I became inspired to dive deep into academic opportunities and to expose myself to areas I’ve never studied... “There were a million reasons for not going to Los Angeles, but I had to follow my passion and overcome those voices,”
While all of these figures are impressive, Magic Johnson currently has the highest net worth out of the three Laker greats. Buss might be able to pass him up one day if she stays with the team, but Magic has an upper hand on her now.
With Magic Johnson's net worth of almost $1 billion, it's easy to see why Magic continues to give back to his communities. He will continue to do so and bless the lives of others who are less fortunate than him.