Magic Johnson Negotiating For Piece of Las Vegas Raiders: Report

Posted on: October 24, 2022, 11:43h. 

Final up to date on: October 24, 2022, 11:43h.

L.A. Lakers legend Magic Johnson is reportedly negotiating to purchase a minority piece of the Las Vegas Raiders – for a document worth. In line with, Johnson has been assembling a workforce of buyers in current weeks, and the worth “might set a brand new document for sports activities offers, in accordance with folks acquainted with the matter.”

Magic Johnson
Magic Johnson already holds half possession in MLB’s L.A. Dodgers, the WNBS’s L.A. Sparks, the MLS’s Los Angeles Soccer Membership, and eSports big Staff Liquid. The NBA legend reportedly needs so as to add the Las Vegas Raiders to that listing. (Picture: Getty)

Information of Johnson’s curiosity comes after Forbes reported in August that the franchise and proprietor Mark Davis acquired a suggestion from “an unnamed investor” for a minority possession stake, which had valued the workforce as being price $6.5 billion – a worth that will surpass current purchases for possession of the Denver Broncos and Carolina Panthers. Forbes famous that minority stakes normally contain about 5% of a sports activities franchise, which confers no operational say within the workforce.

The Magic Contact

In 2012, Johnson led one other group of buyers that bought the Los Angeles Dodgers, during which he nonetheless owns a stake, for $2 billion. Johnson additionally holds minority stakes within the Los Angeles Sparks of the WNBA, the Los Angeles Soccer Membership of MLS, and esports big Staff Liquid. He held a stake within the Lakers till 2010 and the Dayton Dragons, a minor league baseball workforce, till 2014.

That record-setting Broncos buy talked about above? Its $4 billion price ticket reportedly beat out a suggestion by an funding group with Johnson involvement in Could 2022.

In non-sports ventures, Johnson is almost all proprietor of the EquiTrust Life Insurance coverage Firm, and constructed his reported $620 million internet price with investments within the Starbucks, Pepsi, and Burger King manufacturers.

A Historical past of Raiders Curiosity

Johnson beforehand expressed curiosity in proudly owning a chunk of the Raiders a decade in the past, when the franchise sought taxpayer cash with a view to construct a brand new stadium in Oakland, Ca. Johnson was linked to a gaggle looking for to convey the workforce again to L.A., the place it performed from 1982 to 1994. That deal fell by way of.

Since their transfer to Las Vegas was introduced in 2017, the Raiders’ have jumped from the NFL’s thirty first most beneficial workforce to its ninth, in accordance with Forbes, their valuation growing from $2.1 billion in 2015 to $5.1 billion this 12 months.

Johnson was one of many NBA’s finest gamers, averaging 19.5 factors, 7.2 rebounds, and 11.2 assists per sport throughout his  13-year profession. The 12-time All-Star additionally served because the Lakers’ president of basketball operations from 2017 to 2019, championing the push to accumulate LeBron James in 2018.