Magic Johnson has expanded his sports portfolio, this time by investing in the NWSL’s Washington Spirit franchise.
On Thursday, the Spirit announced that the 5x NBA Champion had bought a stake in the team, a year after the 12x All-Star became a minority owner in the Washington Commanders as part of the ownership group led by Sixers owner, Josh Harris.
His latest investment gives Magic ownership stakes in NFL (Commanders), MLB (LA Dodgers), MLS (LAFC), WNBA (LA Sparks) and now NWSL franchises.
It’s not only another great investment, particularly in a rapidly growing league, but it’s another way to open doors to those who traditionally were kept out of team ownership conversations.
“It’s good to see minorities in an ownership position,” said Johnson.
The deal came together after Johnson met with owner Michele Kang, who bought the team in 2022 that put the club’s value at $35 million. Since then, franchise values have soared, with Angel City now valued at $250 million and San Diego coming close to selling at roughly $113 million.
“Michele and I met in Los Angeles, and we clicked,” said Magic on CBS This Morning. “It was a tremendous opportunity.”
Taking advantage of smart business opportunities is something that Magic has had great success with.
After investments in real estate, movie theaters, gyms, fast food and Starbucks, he’s worth an estimated $1.2 billion according to Forbes.
His portfolio strategy continues the winning ways he once had on the court.
“We want to win championships,” the Hall of Famer said. “I got 14, we need 15.”
