Writer’s Strike End a Boon for Sports Networks, Agencies
Magic Johnson now has ownership stakes in teams across four professional sports leagues following the completion of the Washington Commanders’ $6.05 billion sale to Josh Harris.
The NBA legend—who has a net worth of $620 million per Celebrity Net Worth—was among over a dozen limited partners to join Harris’s group to buy the NFL team from Dan Snyder in the most expensive sale ever for a U.S. sports franchise.
“I’m going to excel not only for myself and my family but for all African Americans, making sure we can see ourselves in these seats,” an emotional Johnson said about his new Commanders ownership on the TODAY Show. “I want people to know that we can do the job.”
Johnson’s sports team ownership—which now spans also stakes in MLB’s Los Angeles Dodgers, MLS club LAFC, and the WNBA’s Los Angeles Sparks—began almost 30 years ago when he bought about 4.5 percent of the Los Angeles Lakers in June 1994 for a reported $10 million. The Laker legend sold his stake in the team in 2010, and the franchise is now worth nearly $6 billion per Forbes.
After selling his stake in the Lakers, Johnson invested $50 million in 2012 for a 2.3% ownership stake in the Dodgers. In an interview with HBO, Johnson said it was the largest check he ever wrote in his life. The Dodgers are worth $4.8 billion per Forbes as the second-most valuable MLB franchise behind the New York Yankees.
Johnson’s LA sports team ownership trifecta was cultivated in 2014 when he acquired stakes to become part owner of both the WNBA’s Sparks and LAFC in MLS. LAFC was an expansion club when Johnson bought in, and its $1 billion valuation now ranks as the highest in MLS.
Johnson also is an owner of the esports company aXiomatic alongside Ted Leonsis, the owner of the NBA’s Washington Wizards and NHL’s Capitals. aXiomatic owns Team Liquid, which was valued at $440 million in 2022.
