Magic Johnson Joins Bid For Denver Broncos—His Latest Venture Into Team Ownership

Topline

Basketball legend Magic Johnson has joined a bid to purchase the Denver Broncos NFL franchise, according to multiple reports, though it’s unclear how much stake Johnson might take in the team.

Key Facts

At least five prospective buyers have emerged to purchase the Broncos, according to Sportico, including Rob Walton, the oldest son of Walmart founder Sam Walton.

The Broncos sale is expected to shatter the record for the most spent to buy a sports franchise, exceeding the roughly $3.3 billion Alibaba cofounder Joe Tsai paid for the Brooklyn Nets and operating rights to the Barclays Center in 2019.

Forbes estimates the Broncos’ value at $3.75 billion.

Key Background

In 2012, Johnson was part of a group that purchased the Los Angeles Dodgers for $2 billion—at the time setting the record for most expensive sale of a sports team. Johnson went on to become an investor in the Los Angeles Sparks WNBA franchise in 2014 and was part of the group that founded the Los Angeles Football Club as a Major League Soccer expansion franchise later that year. Johnson won five NBA championships with the Los Angeles Lakers between 1980 and 1988, but his career was cut short after he was diagnosed with HIV in 1991. He participated on the 1992 U.S. basketball “Dream Team” that won the gold medal at the Barcelona Olympics, but did not play again in the NBA until 1996, due to the stigma surrounding HIV at the time. Johnson retired from the NBA for good after the 1996 playoffs.

What To Watch For

According to Sportico, the NFL could find a bid that includes Johnson attractive due to criticism the league’s received over a lack of minority owners. However, the team is required to go to the highest bidder as part of a forthcoming estate sale, carried out by the trust of late owner Pat Bowlen.

Further Reading

MAGIC JOHNSON JOINS JOSH HARRIS BID FOR DENVER BRONCOS (Sportico)

Alibaba’s Joe Tsai Buying Brooklyn Nets And Barclays Center For Record $3.3 Billion (Forbes)

Magic Johnson’s Group Wins Dodgers Auction With Record $2 Billion Bid (Forbes)