Magic Johnson in Talks to Buy Ownership Stake in NFL Team: Report

Lakers legend Magic Johnson

Getty Lakers legend Magic Johnson

The Raiders‘ move to Las Vegas has turned out to be a popular one. Just seven years ago in 2015, the team was considered the second least valuable franchise in the NFL. According to Forbes, the Raiders are now worth $5.1 billion, which is the ninth-highest in the league. That number could continue to climb and interest in the franchise has grown considerably.

Many are trying to get a piece of the Raiders as they soar in value and there might be a notable name closing in on a deal. According to Liz Hoffman and Reed Albergotti of Semafor, Los Angeles Lakers legend and NBA Hall of Famer Magic Johnson is currently trying to buy a stake in the Raiders:

Former NBA star Magic Johnson is in talks to buy a stake in the National Football League’s Las Vegas Raiders at a price that could set a new record for sports deals, according to people familiar with the matter.

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.

Johnson Makes Sense as a Raiders Owner

This wouldn’t be Johnson’s first foray into sports team ownership. He’s a part owner of the Los Angeles Dodgers of the MLB and the Los Angeles Sparks of the WNBA. Both teams have won championships with him being part of ownership. Plus, the Raiders fans would welcome Johnson with open arms as he hasn’t been shy about being a fan of the team. During his heyday with the Showtime Lakers, the Raiders were still in Los Angeles and were the first team to bring a Super Bowl championship to the city.

He has continued to express love for the team over the years.

The fact that Johnson has a long history as a fan of the team will likely mean something to owner Mark Davis. He’s very protective of the Raiders’ brand and wouldn’t want to bring people on who don’t respect it. This isn’t the first time Johnson has been connected to a possible ownership stake in the Raiders. According to the Semafor, the Hall of Famer considered investing in trying to get the Raiders back to Los Angeles a decade ago but decided against it.

Is Johnson the Mystery Investor Who Offered Raiders Record Price?

Semafor didn’t have a specific price to report but there was a report from Forbes in August that revealed that Davis had a massive offer on the table. The unknown investor wanted to buy a stake that valued the Raiders at $6.5 billion, which would be the biggest sale for a professional sports franchise in any league ever.

It’s entirely possible that Johnson’s group made that offer but it’s impossible to know currently. One thing is certain: the Raiders are much more valuable than they once were and there could be many rich folks out there trying to get a piece. Davis has long been considered the poorest owner in the NFL but the move to Las Vegas has changed his standing in the league in a significant way.

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