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NBA legend Magic Johnson relies on his intuition when it comes to making business deals. The billionaire holds stakes in several teams, including MLB’s Los Angeles Dodgers, MLS’s Los Angeles Football Club, WNBA’s Los Angeles Sparks, NFL’s Washington Commanders, and NWSL’s Washington Spirit, AFROTECH™ previously reported. He most recently expressed interest in owning the New York Knicks, telling ESPN “First Take” host Stephen A. Smith that he’d be “first in line” if current Knicks owner James Dolan ever put the team up for sale, according to Fadeaway World. Last year, Johnson expressed his excitement about joining the Washington Spirit’s investor group. “I’m so excited to join the Washington Spirit’s investor group at such a pivotal time in the club’s history!,” he said in an Instagram caption. “Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity.” View this post on Instagram A post shared...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. WNBA superstar Angel Reese and former NBA superstar Magic Johnson joined forces recently to create Wealth Playbook , a financial literacy program for high school students in Baltimore, MD. The program is a partnership between the Angel C. Reese Foundation, the Magic Johnson Foundation, and Pull Up Neighbor, an advertising firm focused on community outreach. Through the program, students will learn how to manage their money and build long-term wealth. The program is split between four sessions, with beginnings at Saint Frances Academy, Reese’s former high school in Baltimore. The first session was a lesson in budgeting, understanding credit, and basic money-management skills. There’s no denying that financial literacy classes are needed, but who really gets to benefit from them? Both Johnson and Reese have basketball in common, but they are also in a privileged position to have so many resources at...
Angel Reese and Magic Johnson have more in common than just their love of basketball. Both Johnson and Reese have found success beyond the sport. In the business world, this has translated into significant achievements for the two: Johnson is now a billionaire , and Reese has established herself as a multi-millionaire student-athlete who successfully transitioned to the WNBA and now holds a multi-year partnership extension with Reebok. Furthermore, the pair share even more common ground: a vision for financially empowering communities. According to its website, the Magic Johnson Foundation’s mission includes providing economic empowerment in ethnically diverse urban communities, while the Angel C. Reese Foundation shares a similar mission, with a specific focus on girls. “The Angel Reese Foundation is dedicated to fostering equity for girls and underrepresented groups through innovative and impactful initiatives. Our main objective is to ensure equal opportunities for all girls in...
History is being made in the 2024-2025 NFL season. Diverse Representation shares on Instagram that the current season, which kicks off Thursday, Sept. 5, 2024, reportedly has the most Black team minority owners in league history. The list is filled with various trailblazers across entertainment, sports, and business, which you can find below. Venus And Serena Williams Kicking things off are trailblazers Venus and Serena Williams, who made history as the first Black women to become minority owners in the NFL. As AFROTECH™ previously told you, they became minority owners in 2009 when the team was reportedly worth $1.02 billion, per Statista. “I am honored to be a partner in the Miami Dolphins franchise and thankful to owner Stephen Ross for allowing Serena and I to be part of Miami Dolphins history,” Venus said at the time, according to People. Serena added, “I am so excited to be part of such a renowned organization. Having spent so much of my childhood in the area, being involved...
Magic Johnson now has five teams in his investment portfolio. As AFROTECH™ previously reported, the NBA-legend-turned-serial- entrepreneur has ownership in the MLB’s Los Angeles Dodgers, MLS’s Los Angeles Football Club, WNBA’s Los Angeles Sparks, and NFL’s Washington Commanders. Now, he is announcing his involvement with a fifth team. “CBS Mornings” reports he joined the investor group for the National Women’s Soccer League (NWSL) team Washington Spirit , which is led by Michele Kang, the first woman of color to have majority ownership in the NWSL. The pair first met in Los Angeles, CA, and immediately connected over a shared excitement for the growing popularity in women’s soccer in the U.S. “I’m so excited to join the Washington Spirit’s investor group at such a pivotal time in the club’s history! Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity,” Johnson wrote on Instagram. View...
Former NBA great Magic Johnson credits his billionaire status to the company he kept throughout his career. Johnson was raised alongside nine siblings in Lansing, MI. To support the family, his father worked at a General Motors plant, and his mother was a school custodian, the NBA reports. Johnson found his purpose in basketball. “I practiced all day,” Johnson told USA Weekend, per The Atlantic. “I dribbled to the store with my right hand and back with my left. Then I slept with my basketball.” Johnson played at Everett High School, where he was nicknamed “Magic” by a sports writer after scoring 36 points, 16 rebounds, and 16 assists at 15 years old, the NBA notes. Johnson helped the team win a state title and continued to impress in college, leading the Spartans’ Michigan State University in East Lansing to a 25-5 record and a Big Ten Conference title. In 1979, he led his team to a national title, outperforming Larry Bird’s Indiana State University squad. To no surprise, Johnson...
Earvin “Magic” Johnson Jr. is opening up about a time where he missed out on the ultimate business deal.
Imagine it: the year is 1984, and between the bright neon color tracksuits and massive brick cell phones, Prince had the number one song on the charts with “Doves Cry.” And while this seems like a wild time, it was all in line with the eccentric characteristics of the era. Technology was evolving, perspectives were shifting, and money was being made. The year 1984 was also the start of a 25-year contract for NBA legend Magic Johnson.
