Former Los Angeles Lakers great and Naismith Basketball Hall of Famer Magic Johnson reportedly has sights on his next business venture.
Over two decades since Johnson’s last NBA game, the ex-hooper and current entrepreneur reportedly is in the midst of discussions to purchase an ownership stake of the Las Vegas Raiders franchise — a potentially record-setting deal.
“Johnson has been assembling a team of investors in recent weeks for a minority slice of the Raiders, which is majority owned by the family of the late Al Davis, the people said,” Semafor’s Liz Hoffman reported. “One of them said the group was conducting due diligence with the team. A deal hasn’t been finalized and could still fall apart.”
The Raiders, who kicked off their 2022-23 campaign back on Sept. 11, currently sit at the bottom of the AFC West — winless in three road games thus far.
“Semafor couldn’t learn the price being discussed, but Forbes reported in August Raiders owner Mark Davis had received an offer from an unnamed investor for a minority stake that valued the team at $6.5 billion,” Hoffman wrote. “That would be a record for any professional sports franchise, easily surpassing recent deals for both the NFL’s Denver Broncos and Premier League’s Chelsea club.”
This wouldn’t be the first franchise ownership endeavor that the 63-year-old has embarked on. Johnson, since 2012, has been a part-owner of the Los Angeles Dodgers. His investment firm, Magic Johnson Enterprises, also owns several Burger King and Starbucks franchise locations.
In 2010, Johnson sold his part ownership stake in the Lakers, initially purchased in 1994.
