For most fans, Magic Johnson’s net worth is just the tip of the iceberg when it comes to pertinent information about the NBA legend. Both on and off the court, Johnson has had a fascinating and significant life that has made him a part of the fabric of America. In other words, he’s far more than just one of the greatest point guards in NBA history.
Who is Magic Johnson?
During his life, Magic has gone from athlete to activist to entrepreneur to being among the richest MLB owners. The caveat is that folks of different generations know Magic in different ways. Let’s look beyond Magic Johnson’s net worth and take a look at all aspects of his life and career that the average person may not know about.
What is Magic Johnson’s net worth?
However, less than 10% of his net worth can be credited to his playing career. Most of Magic’s $640 million has been earned through entrepreneurial ventures after he retired from playing basketball.
How much did Magic Johnson make as a player?
By most estimates, Magic Johnson made less than $40 million as a player during his NBA career. Of course, that still made him one of the highest-paid players of his generation. Magic Johnson’s longest contract was signed early in his career and set a new bar for pro athletes.
In 1981, Magic and the Lakers agreed to a 25-year, $25 million contract, which at the time was the largest contract in pro sports history. Of course, his career wouldn’t be that long and that wouldn’t be the last contract he signed. But it’s important to know that Magic did raise the bar for pro athletes financially.
How many Championships did Magic Johnson win?
What do Magic Johnson’s rings look like? Well, it depends on which one because he has several.
Magic has been a champion his entire life, starting with the 1979 national championship he won while at Michigan State, earning Final Four Most Outstanding Player honors in the process. While in the NBA, Magic led the Lakers to five championships, all between 1980 and 1988, creating a dynasty in Los Angeles.
In three of those NBA titles, Magic won Finals MVP honors. Just for good measure, Magic won another championship in 1992, earning a Gold Medal at the Olympics as part of the Dream Team.
That’s no less than seven championships that Magic won as a player during his career. To date, Magic is just one of seven people to have won a college national championship, an NBA title, and an Olympic Gold medal, putting him in elite company that includes Michael Jordan and Bill Russell.
When did Magic Johnson get HIV?
In November 1991, the world learned that Magic Johnson had been diagnosed with HIV. Magic tested positive for HIV during a routine physical he was undergoing prior to the start of the 1991-92 NBA season.
Following the diagnosis, Magic immediately retired from pro basketball. However, he played in the 1992 NBA All-Star Game and participated in the 1992 Olympics with the Dream Team.
Did Magic Johnson unretire?
During the second half of the 1995-96 season, Magic Johnson returned to the Lakers as a player. This came after a brief and unsuccessful stint as the team’s coach in 1994. Magic’s HIV diagnosis encouraged him to maintain a rigorous workout routine to help fight the disease.
Magic has indicated that if he knew everything about HIV after he was diagnosed at the time he was diagnosed, he may not have retired in the first place. His return in 1996 gave him the chance to rectify a small part of that. He ended up playing 32 games for the Lakers, averaging 14.6 points, 6.9 assists, and 5.7 rebounds per game. Magic even recorded the final triple-double of his career during his return in 1996.
What did Magic Johnson do after retiring from basketball?
What hasn’t Magic Johnson done since retiring from basketball? As mentioned, he briefly coached the Lakers and then had a brief comeback in 1996. But he also immersed himself in the world of business, ultimately running a conglomerate called Magic Johnson Enterprises that is worth hundreds of millions of dollars, which is why Magic himself is worth roughly $640 million.
Magic’s business ventures have included a production company, investments in food and beverage franchises, and joining ownership groups for several pro sports teams. He’s also been a tireless advocate for HIV education. At times, he’s been a motivational speaker and even a talk-show host.
Magic has also stayed close to the Lakers and helped to mentor current NBA players in addition to spending two years as the president of basketball operations for the Lakers between 2017 and 2019. During that time, the Lakers signed LeBron James and traded for Anthony Davis, the pair that ultimately led Los Angeles to the 2020 NBA championship, which was won after Magic resigned from his position.
Does Magic Johnson like movies?
Presumably, Magic Johnson has a great love for movies. One of his first ventures after retiring in 1992 was a chain of movie theaters called Magic Johnson Theaters. Magic’s idea was to build high-quality multiplexes in urban areas to help foster economic growth.
The initial success of Magic Johnson Theaters encouraged other companies, including Old Navy, to open stores in similar locations. Nowadays, Magic is no longer involved in the daily operations of Magic Johnson Theaters. However, the theaters that are still open continue to be branded as Magic Johnson Theaters despite being owned by AMC Theaters.
Is Magic Johnson in the restaurant business?
For Magic Johnson, Burger King is one of his many business ventures. In 2004, he bought 30 Burger King locations, mostly in underserved communities in Alabama, Florida, Georgia, and Texas.
Many of those locations flourished after Magic purchased them. Nearly 20 years later, it’s estimated that Magic has profited roughly $15 million from his investment in those Burger King locations.
How has Magic Johnson helped coffee drinkers?
Magic Johnson and Starbucks once forged a successful partnership. Magic is credited with convincing Starbucks CEO Howard Schultz that the coffee chain didn’t only have to service big cities and affluent locations.
He claimed that underserved and minority-heavy populations also had tremendous buying power. Magic put his money where his mouth was, buying 125 Starbucks locations, most of which generated above-average sales. Roughly 12 years later, Magic sold those 125 stores back to Starbucks, earning a profit of roughly $100 million for his investment in Starbucks.
What sports franchise does Magic Johnson own?
Magic Johnson made his first foray into sports franchise ownership in 1994 when he purchased a 5% stake in the Lakers. But that wouldn’t be the last time Magic purchased part of a sports franchise.
In 2012, he was part of an ownership group that purchased the Los Angeles Dodgers. Magic was also briefly part owner of the Dayton Dragons, a minor league baseball team.
In 2014, Magic was a part of the ownership group that purchased the Los Angeles Sparks of the WNBA. Magic is also the co-owner of Los Angeles FC, an MLS franchise that won the MLS Cup in 2022.
Last but not least, in 2023, Magic and his business partner Josh Harris reached an agreement to buy the Washington Commanders from Dan Snyder. The deal will give Magic a 4% share of the Commanders, giving him a partial share in the ownership of a team in almost all of the major sports.