Earvin “Magic” Johnson Reportedly Joins Team Bidding for Denver Broncos
The former NBA star is hoping to assist an ownership group led by Philadelphia 76ers co-owner Josh Harris
An all-time NBA player is hoping to bring his magic touch to pro football by teaming up with an ownership group that is bidding to purchase the Denver Broncos.
Former Los Angeles Lakers star Earvin “Magic” Johnson has joined up with a prospective owners group that is being led by Philadelphia 76ers co-owner Josh Harris, according to a report from Sportico.
A notable name who is receiving some added attention thanks to HBO’s Lakers-centric series Winning Time, Johnson would add some minority representation to Harris’s team, something which is sorely needed amongst NFL ownership. Minority representation, which is expected to be a part of every group pursuing the Broncos, is also coveted by the NFL (at least publicly).
“The NFL member clubs support the important goal of increasing diversity among ownership,” the league said in March. “Accordingly, when evaluating a prospective ownership group of a member club pursuant to League policies, the membership will regard it as a positive and meaningful factor if the group includes diverse individuals who would have a significant equity stake in and involvement with the club, including serving as the controlling owner of the club.”
The league currently has one minority owner with control over a team, Pakistan native Shad Khan with the Jacksonville Jaguars.
With a net worth north of $500 million after investing in Starbucks, Burger King, Square, Cameo, 24 Hour Fitness and a chain of movie theaters following his playing career, Johnson seems like an ideal addition to a bid that is anchored by Harris and his reported net worth of around $5.6 billion.
Currently valued at close to $4 billion, the Broncos are poised to command the biggest price tag in sports history.
It’s very possible the price for the Broncos, who hope to have a new owner in place by the 2022 NFL season, will be paid by ex-Walmart chairman and Walton family heir Rob Walton, who is worth roughly $68 billion and is believed to be a strong contender to buy the franchise.
“These are people that can buy anything they want and this is where they choose to put their money,” Marc Ganis, the CEO of consultancy firm SportsCorp, told CNBC. “It’s a validation that it’s a good business for top business people to be in.”
Johnson, Harris and the rest of their team may have some additional competition besides Walton for the Broncos as former NFL wideout Antonio Brown previously told TMZ Sports he and Kanye West are “extremely serious” about taking over the team.
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