Reports: Magic Johnson eyeing to acquire a major share in NFL-based franchise
Several former NBA players have stakes in different sports franchises. Magic Johnson is the latest addition to that list.
Johnson had an outstanding career, which was cut short due to an illness. Despite his early departure from the league, he has continued to follow and support the LA Lakers.
It was reported that the Lakers legend is interested in buying a stake in an NFL team. According to the reports by Semafor's Liz Hoffman, Johnson is in talks to buy a stake in the Las Vegas Raiders.
Magic Johnson reportedly in talks to purchase record-breaking stake in NFL franchise - Yahoo News dlvr.it/SbXn9n https://t.co/VcVTuVet5W
Johnson has reportedly been assembling a team of investors for a while now. And reports suggest that the owners are currently performing due diligence checks.
If the deal goes through, it could become a record-setting transaction in sports history. However, the details of the bid remain unknown.
Reports of interest in the franchise were first reported by Forbes in August. The publication revealed that an offer had already been sent in by an unnamed investor, with the team valued at $6.5 billion.
Magic Johnson has always had an interest in the Las Vegas Raiders
Johnson built a name for himself with basketball and is arguably the greatest point guard in NBA history. However, his love for the NFL and the Raiders is unwavering.
Johnson's love for the Raiders stretches back to when the franchise played in LA. At the time, the five-time NBA champ was leading the Showtime Lakers but always found time to make an appearance at a Raiders game.
The Raiders are one of the oldest franchises in NFL history, as they were there before the American Football League-National League merger in 1970. Although it is hard to tell when Johnson became a fan, it is safe to say he has supported the team since they moved to Los Angeles in 1982.
At the time, Johnson was already in his third year in the league and led the Lakers to two championships. Although he came close to winning a third in 1984, they were denied by the Boston Celtics in a thrilling seven-game series.
The Raiders won the Super Bowl in 1984, and Johnson was there to witness it. To date, he remains one of the organization's biggest fans.
The team played at the LA Coliseum before they moved to Vegas. Johnson has previously attempted to get a stake in the franchise and attempt a move back to LA.
Johnson has built a business empire since leaving the NBA
Since leaving the league in 1996, Johnson has built an empire, with sports as one of its businesses. Magic Johnson Enterprises is strictly in the business of investment, and the former Laker has thrived in that regard.
Magic Johnson's primary aim was to provide products and services to underserved urban communities, which is why he has stakes in Starbucks and Burger King.
However, Magic Johnson also has an interest in sports. The 6-foot-9 guard also has a stake in the LA Dodgers. Although he had an interest in the LA Lakers, he sold his share in 2010 before serving as the Lakers' head of basketball operations.