Magic Johnson has been a prolific businessman for decades. Now it looks like he’s taking his savvy to the next level with news that he’s planning to purchase an NFL franchise.
It has been reported by Afrotech that he recently joined a group bidding to acquire the NFL’s Denver Broncos.
“Selling an NFL team is a complex process involving numerous parties and league approval procedures,” said Broncos president and CEO Joe Ellis. “Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season. The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community.”
Johnson will partner with Philadelphia 76ers co-owner Josh Harris to pool funds and become one of the owners of the team, per reports from Sportico. The Bowlen family is selling the team after serving as owners of the Broncos for 38 years.
Although Johnson has been known to maintain his loyalty to LA in terms of sports franchise ownership, this move will expand his focus beyond California. Johnson is the co-owner of the Los Angeles Dodgers, the Los Angeles Sparks and formerly held minority ownership of the Lakers brand.
If Johnson is successful with his Broncos bid, it will be a historic as NFL ownership is notoriously gatekept by white males. Reportedly, NFL teams’ ownership is 95.3% caucasian and has no Black representation at all. Only two of the 32 NFL owners are minorities.
According to Afrotech, the Denver Broncos franchise could be purchased for $4 billion and was valued at $3.75 billion in August 2020.