Following in Michael Jordan’s Footsteps, Magic Johnson’s ‘Sports Portfolio’ Crosses a Whopping $1,000,000,000 Mark

Magic Johnson and Michael Jordan. Credits: USA Today Sports.

Michael Jordan has carried on his basketball legacy to the business world, establishing himself as the richest athlete on planet Earth. With a net worth of over $2,000,000,000, MJ has built a vast empire since his retirement from the NBA. A part of that empire included his purchase of the Charlotte Hornets until very recently. Having bought the Hornets in 2010 for $275,000,000, His Airness recently sold his majority stake in the franchise, which accrued a valuation of $3 billion. Meanwhile, as per Boardroom, Jordan’s NBA rival in the 80s and the early 90s, Magic Johnson, has followed in his footsteps. The Los Angeles Lakers legend’s sports portfolio has now crossed the $1,000,000,000 mark.

Magic Johnson is an exceptional businessman who has amassed a staggering net worth of $620,000,000 by investing in a variety of different projects. Recently, a lot of his attention has been fixated on building his sports portfolio. Having bought several sports teams across major American leagues, it’s safe to say that the five-time NBA Champion is doing quite well for himself.

Magic Johnson sees his sports portfolio cross the $1,000,000,000 mark

Recently, Boardroom announced that Magic Johnson’s sports portfolio has reached a new landmark. Having built it since his retirement from basketball in 1996, the 63-year-old has surpassed the $1,000,000,000 mark with his investments, all of which have been doing exceedingly well.

Johnson has invested money in four different franchises in the sports industry. His most recent acquisition was a piece of the NFL’s Washington Commanders, valued at $6,000,000,000. The rest of his franchises are all located in Los Angeles, where he is a part owner of the WNBA’s Los Angeles Sparks, the MLS’ LAFC, and the MLB’s Los Angeles Dodgers.

Apart from this, he is also the co-owner of the eSports team, Team Liquid, and even has his own Magic Johnson Enterprises. All of this recent success has seen many drawing comparisons between him and his legendary NBA counterpart, Michael Jordan.

Magic’s business acumen truly is elite. His investments both in the world of sports and outside of it have yielded great results and have made him one of the wealthiest athletes alongside His Airness.

Magic had a 4.5% stake in the Los Angeles Lakers before selling it in 2010

At one point in time, Magic Johnson owned a stake in the Los Angeles Lakers. After making a name for himself as a legend of basketball playing for the franchise, Johnson owned a 4.5% stake in the Purple and Gold. However, in 2010, after setting the trend of former NBA stars investing in franchises, the 12-time All-Star sold his stake for $27,000,000.

It has been 13 years since Magic has sold his shares in the Lakers. But in recent times he has expressed his interest in perhaps owning the franchise as a whole. And considering the condition of his sports portfolio, it could be a possibility in the near future.