Magic Johnson reportedly in talks for stake in 1 prominent NFL team

Mar 23, 2018; Omaha, NE, USA; NBA former player Magic Johnson watches during the first half between the Clemson Tigers and the Kansas Jayhawks in the semifinals of the Midwest regional of the 2018 NCAA Tournament at CenturyLink Center. Mandatory Credit: Kyle Terada-USA TODAY Sports

Magic Johnson may soon be adding to his already vast ownership portfolio.

Liz Hoffman of Semafor reports this week that the retired Los Angeles Lakers great Johnson is in talks to buy a stake in the NFL’s Las Vegas Raiders. Hoffman adds that Johnson has been assembling a group of investors in recent weeks to purchase a minority interest from Raiders majority owner Mark Davis.

Together with global investment firm Guggenheim Partners, Johnson is already part of the majority ownership group of both MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. Johnson himself is also a part-owner of Major League Soccer’s LAFC.

The Raiders are owned by the family of the late Al Davis, who purchased the team in 1972. Upon Al’s death in 2011, his son Mark took over as principal owner (with Al’s wife Carol also maintaining part-ownership of the Raiders).

Of course, the Raiders played in Los Angeles from 1982 to 1994, overlapping with Johnson’s time with the Lakers. Johnson, who also owns numerous restaurants, movie theaters, and other businesses through his investment company Magic Johnson Enterprises, recently spoke about some of his biggest business regrets. Thus, he might want to take advantage of this opportunity with the Raiders while he can.