Magic Johnson reportedly in talks to buy stake in Las Vegas Raiders
NBA legend Magic Johnson is reportedly looking to expand his portfolio by buying a stake in the Las Vegas Raiders. With the business-savvy basketball legend making moves off the court, we take a look at the details of his newest venture.
Magic Johnson is widely regarded as one of the greatest players of his generation. With five NBA titles secured over the course of his career, Johnson proved his worth on the basketball court. However, Magic has also made some impressive moves outside of basketball.
Through his firm, Magic Johnson Enterprises, Johnson bought a stake in several different businesses. This ranges from sports teams such as the LA Dodgers to food-and-beverage franchises.
With a net worth of over $620 million, Magic Johnson hopes to build upon his assets by investing in a new business. In this regard, the NFL's Las Vegas Raiders have emerged as a prospective business venture for Johnson.
Semafor's Liz Hoffman reported the news regarding Johnson's business venture alongside Reed Albergotti. She wrote:
"Former NBA star Magic Johnson is in talks to buy a stake in the National Football League’s Las Vegas Raiders at a price that could set a new record for sports deals, according to people familiar with the matter.
"Johnson has been assembling a team of investors in recent weeks for a minority slice of the Raiders, which is majority owned by the family of the late Al Davis, the people said. One of them said the group was conducting due diligence with the team. A deal hasn’t been finalized and could still fall apart.”
Report: Magic Johnson ‘in talks’ to buy stake in Las Vegas Raiders at ‘price that could set a new record’ lakersdaily.com/report-magic-j…
The Raiders have faced some trouble in the past wherein the team violated an antitrust law when they decided to move from Oakland to Las Vegas. Johnson has had an interest in buying a piece of the Raiders for a long time. While he had an opportunity to bid for the team a decade ago, this deal did not take place.
The Las Vegas Raiders are reportedly valued at $6.5 billion as per team owner Mark Davis, who received a valuation from someone looking to buy a minority stake. Given the price of the deal, Johnson could set a new record in sports deals if he decides to pursue it further.
Magic Johnson's link to the Las Vegas Raiders and other sports franchises
Magic Johnson's link to the Las Vegas Raiders isn't new by any means. As mentioned earlier, the LA Lakers legend had an opportunity to purchase a stake in the team a decade ago.
This tie goes back to his own professional days. While the Raiders were a dominant side playing in the LA Coliseum, Johnson changed the face of the NBA with the Showtime Lakers.
Since retiring, Johnson has been an extremely active individual in influential spheres. Given that he led the purchase of the LA Dodgers in 2012, it will be interesting to see how the former basketball player navigates this situation.
Johnson has also previously expressed a desire to purchase a stake in an NFL team. While it ended up as a failed venture, Johnson joined in a bid to purchase the Denver Broncos. The team was eventually sold at a value of $4 billion.
Considering the $6.5 million valuation on the Raiders, Johnson will certainly have to raise a lot of money to fund this venture.