MAGIC JOHNSON INVESTS IN NWSL’S WASHINGTON SPIRIT

NBA legend Earvin “Magic” Johnson bought a stake in the NWSL’s Washington Spirit, the team announced Thursday morning. The deal comes a year after the three-time MVP became a minority owner in Washington’s NFL team; Johnson is part of the ownership group led by Josh Harris, which purchased the Commanders for $6.05 billion in 2023.

In 2022, Michele Kang bought the Spirit in a deal that valued the club at $35 million. The price shocked pundits who pointed to the $2 million NWSL expansion fee in San Diego eight months earlier, as well as the premium to Todd Boehly’s runner-up bid for the Spirit.

Kang’s move proved prescient. NWSL franchise values have soared, with Angel City closing a deal Thursday to sell a control stake in the franchise to Willow Bay and Bob Iger at a $250 million valuation and San Diego close to completing a sale at a $113 million valuation.

“Michele and I met in Los Angeles, and we clicked,” Johnson said on CBS This Morning. “It was a tremendous opportunity.”

Kang hopes Johnson can help transform the NWSL in the same way he did the NBA when he was drafted as the first overall pick out of Michigan State in 1979. She cited the fact that the NBA Finals were still broadcast on tape delay at the time. And now the NBA just signed a $77 billion TV rights deal.

Johnson said it’s been important to him to help athletes transition from their playing careers to business opportunities when they leave the game. “Michele cares about the same thing,” he said.

The 65-year-old Johnson won five NBA titles with the Los Angeles Lakers but is also highlighted as a role model off the court for NBA players for his post-playing career business success since he retired in 1996. Johnson, who is worth $1.2 billion according to Forbes, has made lucrative moves into real estate, and has franchised movie theaters, Starbucks stores, fast food and gyms. He’s a Fanatics board member and invested heavily in sports.

Johnson’s sports team portfolio also includes MLB’s Los Angeles Dodgers, which he invested $50 million as part of Guggenheim’s $2 billion purchase in 2011. Sportico now values the Dodgers at $5.24 billion. He is an investor in MLS’ most valuable club, LAFC, as well as the WNBA’s Los Angeles Sparks, which are worth $85 million, according to Sportico. Johnson also has a stake in eSports franchise Team Liquid.

“It’s good to see minorities in an ownership position,” Johnson said, adding that setting an example has motivated him in getting stakes in other pro teams.