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Sports Jul 20, 2023
Magic Johnson. | Photo courtesy of David Benavides/Wikimedia Commons (CC BY 2.0)
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NFL owners Thursday unanimously approved the sale of the Washington Commanders to an investment group that includes Laker legend Magic Johnson, who called the vote “the biggest achievement in my business career.”
The investment group is led by Wall Street heavyweight Josh Harris, defense billionaire Mitchell Rales, Harris’ longtime business partner David Blitzer and Johnson. Harris already owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils. NFL owners approved the sale during league meetings in Minneapolis.
“This is truly the biggest achievement in my business career and a historic moment for the entire Black community,” Johnson wrote on Twitter on Thursday afternoon.
“Talk about God’s perfect timing. This was the right organization for me to a part of given its global appeal, history of winning and the diverse fanbase and DMV (D.C., Maryland, Virginia) community.
“I have a special relationship with the DMV. Many people don’t know I’ve done business in the Washington, D.C. area for many years. I was one of the owners of the Washington Hilton, I built multiple Starbucks franchises and Magic Johnson Theaters, and empowerment centers with the Magic Johnson Foundation. I also have my company SodexoMAGIC headquartered here. The DMV community has embraced and supported me, and I am honored and ecstatic to be a co-owner of the Commanders franchise.”
He added: “I grew up playing football as a kid, I’m a huge NFL fan, and I watch games every week. Now, I get to co-own a storied franchise, the Washington Commanders.”
The sale price is a league-record $6.05 billion. It was unclear how much Johnson invested in the deal.
NFL Commissioner Roger Goodell issued a statement congratulating “Josh Harris and his impressive group of partners.”
“Josh will be a great addition to the NFL. He has a remarkable record in business, sports, and in his communities. The diverse group that Josh has put together is outstanding for its business acumen and strong Washington ties and we welcome them to the NFL as well,” Goodell said.
“I met Josh several years ago, prior to his acquisition of an interest in the Steelers and have been fortunate to get to know him better over the past few months. I know he has a commitment to winning on the field, but also to running an organization that everyone will be proud of — and to making positive contributions in the community.”
The sale price is the highest ever paid for a sports franchise — topping the $4.65 billion sale of the NFL’s Denver Broncos last year. Johnson was also part of a Harris-led group that tried but failed to purchase the Broncos.
Johnson is already a part owner of the LA Dodgers, the LA Sparks of the WNBA and the Los Angeles Football Club of Major League Soccer.
Johnson’s vast business interests — headquartered in Beverly Hills — also include theaters, Starbucks franchises, EquiTrust, a financial services company, and SodexoMAGIC, a food service and facilities management company.
It was widely reported that Dan Snyder, the embattled owner of the Commanders, was under pressure from the NFL to sell the team amid allegations of sexual harassment and a toxic work environment.
Snyder denied the allegations, but the league announced Thursday that he has agreed to pay $60 million to the NFL to resolve sexual misconduct and financial impropriety allegations.
