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Former NBA superstar Earvin “Magic” Johnson is reportedly considering buying a stake in the NFL’s Las Vegas Raiders. The exact amount he’d put in is unknown, but Semafor reported that it could trump any other sports deals.
Johnson has been rallying a group of investors to buy a stake in the Raiders. Nothing has been finalized, and there’s a possibility the deal won’t ensue. However, this potential deal with the Raiders isn’t Johnson’s first time investing in sports teams. His business, Magic Johnson Enterprises, has a stake in the Los Angeles Dodgers.
Aside from sports, the Lakers alum invested in Burger King and was an early investor in Starbucks, accumulating
$100 million after opening over 100 Starbucks franchises and selling his stocks.Recently, Johnson purchased the virtual sports metaverse, SimWin, and invested in New York City’s John F. Kennedy International Airport New Terminal One project.
So far, the price of this deal wasn’t reported yet; a Forbes report read
that the owner of the Raiders, Mark Davis, received an offer of $6.5 billion from an anonymous investor for a minority stake.The NFL has faced backlash for lack of diversity, and Magic’s involvement could alleviate some of that tension. However, as Semafor reported, there are no Black majority owners in the NFL. Denise York is the sole woman who owns the San Francisco 49ers, but no Black person owns a team.
The NFL has strict rules regarding ownership, like the potential owner can’t use corporate partnerships or funds, and there’s a limited amount of funds borrowed for the franchise.
The team isn’t new to racism. The Raiders’ former coach Jon Gruden was caught sending emails with racist remarks. Davis fired Gruden, who commented about the racist emails at the Little Rock Touchdown Club in August 2022, having the audacity to ask for another shot.