$1.2 billion worth Magic Johnson buys ownership stake in $54 million worth National Women’s Soccer League team
Hall of Famer Magic Johnson expanded his business portfolio this week when he purchased an ownership stake in the Washington Spirit. Founded in 2012, the soccer team currently competes in the National Women's Soccer League (NWSL). The team is valued at $54 million and is based in the Washington D.C. area.
The Washington Spirit currently finds itself ranked in eighth place, but the club will have five-time NBA champion Magic Johnson on board as an investor. Alongside Johnson will be Founder and CEO of Cognosante, Michele Kang, who purchased the team two years ago from actor Steve Baldwin.
While Johnson, who is worth a reported $1.2 billion according to Forbes, has bought an ownership stake in the team, Kang will remain on as a majority owner, and a controlling owner.
The news broke this week, with both Magic Johnson and Michele Kang appearing on CBS Mornings on Thursday to discuss the move. As Johnson explained, he wants to see the sport of women's soccer grow and is eager to dive headfirst into NWSL ownership.
"I want to make sure that this sport, women's soccer, can grow. And anything that I can do to help Michelle and these incredible women not only win on the field, but win outside the field as well.
"... When you think about what happened with the Olympics in the soccer team, the women's soccer team dominated on the field. So the popularity of the game is exploding here in America. We knew worldwide it's already a big deal, and now it's exploding here."
Looking at Magic Johnson's business portfolio and his investments into other professional teams
While Magic Johnson's venture into the NWSL adds a new investment to the Hall of Famer's business portfolio, this isn't the first pro sports team Johnson has bought into.
According to Forbes, Johnson has a slew of other investments into pro sports teams, and even an investment in Team Liquid, an eSports team founded in 2000. In addition, Johnson is also a part owner of the Washington Commanders, an NFL team.
In 2023, Johnson joined forces with several other millionaires and billionaires, led by investor Josh Harris, to purchase the NFL team after former owner Dan Snyder was forced to sell.
Along with the Commanders, Johnson also secured a small ownership stake in the LA Dodgers as part of the Guggenheim Baseball Management group. Additionally, Johnson and fellow Guggenheim Baseball Management group member Mark Walter are both part of Sparks LA Sports.
The group has been the owner of the WNBA's LA Sparks since 2014, adding a familiar feel to Magic Johnson's portfolio in the form of a basketball team. Last, but certainly not least, Johnson has an ownership stake in LA FC, an MLS team.
While Johnson has been an owner of LA FC, with his investment in the Washington Spirit, he's now involved in both men's and women's US Soccer.