Magic Johnson is arguably one of the top 5 players to ever pick up a basketball. He is widely regarded as the greatest point guard in league history as well. Johnson’s silky smooth play and unpredictable no-look passes were legendary. And many remember him for his rookie season NBA Finals MVP award.
An underrated aspect of Johnson’s legacy is his exploits outside of his playing career. Magic made a measly $40 million from his NBA wages playing in the 80s. But through his excellent business repertoire and smart financial decisions, he has brought his net worth to a staggering $620 million in 2023.
3️⃣ Magic Johnson:
First got into team ownership with the LA Lakers.
Magic is now a minority owner of the:
⚾ Los Angeles Dodgers
🏈 Washington CommandersMagic’s net worth is currently at ~$620M. pic.twitter.com/kp7jARKHkv
— Andrew Petcash (@AndrewPetcash) May 28, 2023
Magic is a majority or minority owner of several sports franchises. Some of them include the Los Angeles Dodgers in the MLB, Major League Soccer’s Los Angeles FC, and the Los Angeles Sparks of the WNBA. The obvious LA trend is seen, considering that he spent the entirety of his career with the Los Angeles Lakers. But that pattern has now been broken. As of July 22, 2023, Magic Johnson is now a minority owner of the Washington Commanders NFL team.
The Washington Commanders may be undergoing a complete rebranding under Magic Johnson
The Washington Commanders recently underwent an entire franchise revamp, starting with the sale to new owners. The Josh Harris’ ownership group officially purchased the Washington Commanders from Dan Snyder for a record $6.05 billion.
Magic Johnson became a minority investor in this same group purchasing 4% of the Commanders’ equity. Johnson commented on the controversial naming of the Commanders, ever since they changed their name from the Redskins to Commanders in 2020.
“I think everything’s on the table, especially after this year,” Magic said during an interview with Craig Melvin on TODAY. He further added, “We’ll see what we are with the name, but I can’t say that right now.”
BREAKING: The NFL says former Washington Commanders owner Dan Snyder agreed to pay a $60 million fine after an independent investigation found he sexually harassed Tiffani Johnston, a former cheerleader and team marketing manager. pic.twitter.com/NufZEBeYUX
— CBS Evening News (@CBSEveningNews) July 20, 2023
An eventual rebrand could help distance the organization even further from Dan Snyder. His troublesome tenure with the Commanders ended Thursday. He was slapped with a $60 million fine from the NFL following a 17-month investigation into allegations of sexual harassment and financial fraud.
Magic Johnson and the rest of the Josh Harris group feel like they will be able to turn the franchise around and restore it to its original glory. There are even talks of the team reverting to the ‘Washington Redskins’ moniker as it was under this name that they commandeered so much of the NFL’s history.