Earvin “Magic” Johnson, Jr. broke several records during his NBA career. From a triple-double in his playoff debut to winning the most valuable player award in his rookie season, E.J. the Deejay always has a few surprises for his fans. Thus, it shouldn’t come as a shock that the five-time NBA champion graced the financial world with the same elegance displayed on the court. His estimated $500 million net worth is not an accident.
Magic Johnson’s NBA Career
Johnson dominated the court for 12 years displaying exceptional passing skills as a point guard. He is one of two players in the NBA to set over 20 assists in at least 30 games. Combined with Kareem Abdul-Jabbar’s scoring ability, the LA Lakers used fast breaks among other tactics to dominate the league with five championships.
Some debate whether he was the greatest player of all time, citing his ability to make any team he was a success with his style of play. He was able to get his MVP awards against the likes of legends, Michael Jordan and Larry Bird. His requirement for a coach was not as deep as other players.
When he was a young boy, he helped his father at his trash hauling service. He came across a piece of trash stuck in the ice. He wanted to leave it there but then his dad encouraged him on the importance of work ethic. That lesson would stay with him forever, influencing his sports career and his finance career.
After 13 seasons in the NBA, the legend left a league he helped build due to health reasons. In 1994, he bought a 4% stake in the team that built him. It cost a reported $10 million. In 2010, his stake was purchased for an undisclosed amount by a season ticket holder.
In 2012, he set his sight=s on baseball’s Los Angeles Dodgers for $2.15 billion. His business empire wouldn’t stop there. He has partnered with Burger King, Starbucks, 24 Hour Fitness, Aon, and others over the years.
A lot of his business ventures were based in underserved inner-city neighborhoods. As expected, he faced several challenges in achieving this feat. To the surprise of some of his business partners, the reception of communities to the ventures was well received. Franchises in these areas were sold in 2010 for $27 million.
The sale of a 32 story building in LA is one of several feats by Johnson who started heading JLC Loop Capital Partners in 2016. The private investment group raised $1.3 billion including $1 billion from a foreign investor to repair aging infrastructure in the US.
Do Good and Well at the Same Time
He’s great on and off the court. 10,000 career assists later, he left the NBA with $18 million and a few million from endorsements. His $10 million investment grew to $50 million. He faced a few setbacks and strong opposition along the way but was focused on providing value for not only himself but underserved communities. Magic Johnson Theatres brought many laughs and joy as well as much needed employment. He realized the American dream and inspired millions of others to realize it too.