Los Angeles Lakers legend Magic Johnson may be on the verge of purchasing a stake in another professional sports franchise. Johnson is already part of the ownership group of the Los Angeles Dodgers and Los Angeles Sparks, and now he’s set his sights on the Las Vegas Raiders.
According to Liz Hoffman of Semafor.com, Johnson is in talks to buy what could be a record-breaking 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 recently partnered with Philadelphia 76ers co-owner Josh Harris and tried to purchase the Denver Broncos. Unfortunately for Johnson, the attempt was unsuccessful, which may have led to directing his attention to the Raiders.
If Johnson is successful in his attempt to buy a piece of the Raiders, this would be an unprecedented move for the franchise, owned by the family of the late Al Davis. The family has been reluctant to sell the team or any part of the franchise, but that appears to be changing.
A stake in the Raiders won’t be cheap, with the team valued at $6.5 billion, via Semafor.
Semafor couldn’t learn the price being discussed, but Forbes reported in August that Raiders owner Mark Davis had received an offer from an unnamed investor for a minority stake that valued the team at $6.5 billion. That would be a record for any professional sports franchise, easily surpassing recent deals for both the NFL’s Denver Broncos and the Premier League’s Chelsea club.
It’ll be interesting to see how this pans out and whether getting someone like Johnson involved, who has been successful in most endeavors, could be what the franchise needs to move in the right direction.
