Hall of Famer Magic Johnson is looking to expand his business empire to NFL. According to Liz Hoffman of Semafor, Johnson is currently in talks to buy a part of the Las Vegas Raiders.
Johnson would reportedly become a minority owner and is already assembling a team of investors that would follow him into this new venture. The price Johnson is willing to pay for the piece of the Raiders is expected to “set a record valuation for the sports franchise.“
On the other hand, ESPN’s Josina Anderson reports that Johnson is involved with a group that has been looking to invest in the Raiders since 2021.
The estimated value of the Las Vegas Raiders in 2022 was $4.08 billion, according to sports business outlet Sportico. However, team owner Mark Davis revealed earlier this year that he had a minority stake offer that would set a value of $6.5 billion on the Raiders.
Investing in sports franchises is nothing new for Magic Johnson. He owns a stake in the Los Angeles Dodgers while also being part of ownership groups for the Los Angeles Sparks of the WNBA and MLS franchise LAFC. Johnson’s portfolio also includes investments in Burger King, Pepsi, and Starbucks.
