What does Magic Johnson own? – News Block

For most fans, Magic Johnson net worth is just the tip of the iceberg when it comes to pertinent information about the NBA legend. Both on and off the field, Johnson has led a fascinating and meaningful life that has made him part of the fabric of America. In other words, he is much more than one of the best point guards in NBA history.

Who is Magic Johnson?

In his lifetime, Magic has gone from athlete to activist to businessman to among the wealthiest owners in MLB. The caveat is that people of different generations know Magic in different ways. Let’s look beyond Magic Johnson’s net worth and take a look at all the aspects of his life and career that the average person may not know about.

What is Magic Johnson’s net worth?

As of 2023, Magic Johnson’s net worth is estimated to be around $640 million. Among current and former NBA players, only Michael Jordan and LeBron James are worth more.

However, less than 10% of his net worth can be attributed to his gaming career. Most of Magic’s $640 million has been earned through business ventures after he retired from basketball.

How much did Magic Johnson earn as a player?

By most estimates, Magic Johnson earned less than $40 million as a player during his NBA career. Of course, that still made him one of the highest paid players of his generation. Magic Johnson’s longest contract was signed early in his career and set a new standard for professional athletes.

In 1981, the Magic and the Lakers agreed to a 25-year, $25 million contract, which at the time was the largest contract in professional sports history. Of course, his career would not be that long and that would not be the last contract he would sign. But it’s important to know that Magic raised the financial bar for professional athletes.

How many championships did Magic Johnson win?

What are Magic Johnson’s rings like? Well, it depends on which one because he has several.

Magic has been a champion his entire life, beginning with the 1979 national championship he won while at Michigan State, earning Final Four Most Outstanding Player honors in the process. While in the NBA, Magic led the Lakers to five championships, all between 1980 and 1988, creating a dynasty in Los Angeles.

In three of those NBA titles, Magic earned Finals MVP honors. Just for good measure, Magic won another championship in 1992, winning a gold medal at the Olympic Games as part of the Dream Team.

That’s no fewer than seven championships that Magic has won as a player during his career. To date, Magic is just one of seven people to have won a college national championship, an NBA title, and an Olympic gold medal, putting him in an elite company that includes Michael Jordan and Bill Russell.

When did Magic Johnson contract HIV?

In November 1991, the world learned that Magic Johnson had been diagnosed with HIV. Magic tested positive for HIV during a routine physical he underwent before the start of the 1991-92 NBA season.

Following the diagnosis, Magic immediately retired from professional basketball. However, he played in the 1992 NBA All-Star Game and participated in the 1992 Olympics with the Dream Team.

Did Magic Johnson retire?

During the second half of the 1995-96 season, Magic Johnson returned to the Lakers as a player. This came after a brief and unsuccessful stint as the team’s coach in 1994. Magic’s HIV diagnosis encouraged him to maintain a rigorous exercise routine to help combat the disease.

Magic has indicated that if he knew everything about HIV after he was diagnosed at the time he was diagnosed, he might not have withdrawn in the first place. His return in 1996 gave him a chance to rectify a small part of that. He ended up playing 32 games for the Lakers, averaging 14.6 points, 6.9 assists, and 5.7 rebounds per game. Magic even recorded the last triple-double of his career during his comeback in 1996.

What did Magic Johnson do after retiring from basketball?

What hasn’t Magic Johnson done since retiring from basketball? As mentioned, he briefly coached the Lakers and then made a brief comeback in 1996. But he also dove into the business world, eventually running a conglomerate called Magic Johnson Enterprises worth hundreds of millions of dollars, which is why the Magic itself is worth about $640 million.

Magic’s business ventures have included a production company, investments in food and beverage franchises, and joining ownership groups for various professional sports teams. He has also been a tireless advocate for HIV education. On occasion, he has been a motivational speaker and even a talk show host.

Magic has also stayed close to the Lakers and helped guide current NBA players, as well as spending two years as the Lakers’ president of basketball operations between 2017 and 2019. During that time, the Lakers signed LeBron James. and traded for Anthony Davis, the pairing that ultimately led Los Angeles to the 2020 NBA championship, which was won after the Magic stepped down.

Does Magic Johnson like movies?

Presumably, Magic Johnson has a great love for movies. One of his first ventures after he retired in 1992 was a movie theater chain called Magic Johnson Theatres. Magic’s idea was to build high-quality multiplexes in urban areas to help foster economic growth.

The initial success of Magic Johnson Theaters encouraged other companies, including Old Navy, to open stores in similar locations. Today, Magic is no longer involved in the day-to-day operations of Magic Johnson Theatres. However, those theaters that are still open continue to carry the Magic Johnson Theaters brand despite being owned by AMC Theatres.

Is Magic Johnson in the restaurant business?

For Magic Johnson, Burger King is one of his many business ventures. In 2004, he bought 30 Burger King locations, mostly in underserved communities in Alabama, Florida, Georgia and Texas.

Many of those places flourished after Magic bought them. Nearly 20 years later, the Magic is estimated to have benefited approximately $15 million from its investment in those Burger King locations.

How has Magic Johnson helped coffee drinkers?

Magic Johnson and Starbucks once forged a successful partnership. Magic is credited with convincing Starbucks CEO Howard Schultz that the coffee chain didn’t just have to serve big cities and affluent places.

He claimed that underserved and heavily minority populations also had tremendous purchasing power. Magic put his money where his mouth was, buying 125 Starbucks locations, most of which generated above-average sales. Approximately 12 years later, Magic sold those 125 stores back to Starbucks, earning approximately $100 million in profit on its investment in Starbucks.

What sports franchise does Magic Johnson own?

Magic Johnson made his first foray into sports franchise ownership in 1994 when he bought a 5% stake in the Lakers. But that wouldn’t be the last time the Magic bought part of a sports franchise.

In 2012, he was part of an ownership group that bought the Los Angeles Dodgers. Magic was also a brief co-owner of the Dayton Dragons, a minor league baseball team.

In 2014, the Magic was part of the ownership group that purchased the Los Angeles Sparks of the WNBA. Magic is also part owner of Los Angeles FC, an MLS franchise that won the MLS Cup in 2022.

Last but not least, in 2023, the Magic and business partner Josh Harris reached an agreement to purchase Dan Snyder’s Washington Commanders. The deal will give Magic a 4% stake in Commanders, giving it a partial ownership stake in a team in almost every major sport.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top