By Joiner Martinez
Sep 13, 2024, 10:00 PM EDT
Magic Johnson is one of the biggest names in the history of the NBA and the world. After a very successful career, being one of the great idols of the Los Angeles Lakers, the point guard achieved a net worth of more than one billion dollars (according to Forbes) that he has been investing in cafes and fast food establishments and investments in basketball, American football and soccer teams for some time.
It was revealed on Friday that Johnson is a member of the Washington Spirit investor group.
“I am thrilled to join the Washington Spirit investor group at such a pivotal time in the club’s history,” Johnson said. “Partnering with a visionary like Michele Kang and her team to drive the growth of the Washington Spirit and the NWSL is an incredible opportunity. I am excited to join the team and do my part to help elevate this organization.”
Johnson, or “Magic” as he is commonly known, was part of the Los Angeles Lakers dynasty of the 1980s, winning five NBA titles. He retired from basketball in 1991.
Johnson’s announcement as a new Spirit investor was made by club owner Michelle Kang on CBS Mornings, alongside Johnson.
“It is a great honor to welcome Earvin to the Washington Spirit today. From the basketball court to the boardroom, Earvin knows how to win and we are thrilled to have his experience as part of our fantastic group of investors,” said Kang.
According to Kang, the addition of Magic Johnson “not only reflects the strength of our club, players, fans and brand, but also sends a powerful message about the growth and impact of women’s sports globally.”
Johnson has a growing portfolio of sports franchises. The former NBA player is also a minority investor in the NFL’s Washington Commanders, the MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks and MLS’s Los Angeles FC.
Johnson became an entrepreneur by forming Magic Johnson Enterprises, bringing businesses and companies to historically underserved markets and catalysts for the redevelopment of urban communities, including movie theaters, restaurants and the 24 Hour Fitness gym.
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