Los Angeles Lakers and NBA Legend Magic Johnson needs no introduction when it comes to sports and its culture in the United States. Having made a fortune worth $400 Million after he has hung up his boots in the NBA, Johnson has only added to his business ventures and investments portfolio.
The latest news suggests that Magic Johnson could well be interested in buying a stake in the Las Vegas Raiders. As per Liz Hoffman and Reed Albergotti, Johnson has begun his journey to put together investors who could buy a small part of the NFL Team. Moreover, Johnson’s team has spoken with the team ownership and no deal in imminent.
As quoted by Clutchpoints, “Magic Johnson has been assembling a team of investors in recent weeks for a minority slice of the Raiders, which is majority owned by the family of the late Al Davis, the people said. One of them said the group was conducting due diligence with the team. A deal hasn’t been finalized and could still fall apart.”
Magic Johnson interested in joining hands with Las Vegas Raiders
Las Vegas Raiders have a history of itself, they were relocated to Las Vegas from Oakland in 2020. This wasn’t taken in well by the city of Oakland as they sued the Las Vegas Raiders due to an alleged violation of antitrust law as a result of its move, seeking $240 million in compensation for lost tax revenue and investment. The Supreme Court in the United States opted against hearing an appeal from the city of Oakland earlier this month. To those who are unaware Forbes reported Las Vegas’ total value at a professional sports record of $6.5 billion, including $1.3 billion in debt primarily related to the financing of Allegiant Stadium.
Talking about Magic Johnson, the Lakers legend is a keen follower of the American leagues. Having already held his ownership closely in NBA with the team he has always presented – Los Angeles Lakers, Magic has always tried to get his chunk in other leagues like MLB, NFL as well. Just justifies the man works to strengthen his wealth even after retiring.
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