Magic Johnson is no stranger to ownership.
As a successful businessman, Johnson’s empire includes movie theaters, Starbucks and Burger King franchises and ownership of professional franchises such as the Los Angeles Sparks and the LA Dodgers.
Now Magic appears to have his sights set on the biggest prize in professional team ownership in North America- NFL team ownership.
According to Liz Hoffman of Semafor, Johnson is in talks with the Las Vegas Raiders to buy a stake in the club that could “set a new record for sports deals.”
Apparently, Magic has been assembling an investor team that would purchase a minority stake in the Vegas-based club at a substantial, yet undisclosed, valuation.
The most recent NFL team purchase was made by Walmart heir Rob Walton, who bought the Denver Broncos this past June for a record-setting price of $4.65 billion.
The price wasn’t the only history-making part of the deal though.
One of the members of the ownership group was Mellody Hobson, one of the most successful businesswomen and executives around. By joining the group, Hobson became the first Black woman NFL owner in league history.
She was later joined by former Secretary of State, Condolezza Rice and Formula One star, Lewis Hamilton, giving the Broncos not one but three Black owners.
Their AFC West rival also made history of their own this year when the Raiders hired Sandra Douglass Morgan as their team President this past July, making her the first Black woman team president in NFL history.
Now Magic Johnson wants the history-making to continue by joining the Raiders ownership group as a minority owner.
That would add to Magic’s already impressive resume, but it still wouldn’t accomplish the long-standing goal of Black majority NFL team ownership.
When the Broncos were up for sale, two possible suitors arose in billionaire Robert F. Smith and media mogul Byron Allen. While Smith never officially threw his hat in the ring, Allen jumped in head first. Although Allen didn’t win the final bid, he put the league on notice that he was present and looking.
If the rumors about Magic Johnson’s interest in the Raiders are true, then he has the opportunity the open the door a little wider for Black team ownership.
And hopefully, the next step would be that becoming a reality in the NFL.
