What Businesses Does Magic Johnson Own?
What Businesses Does Magic Johnson Own?
By Edcel Panganiban March 25, 2024 05:35
Earvin "Magic" Johnson is not only known for his illustrious basketball career but also for his remarkable success as a businessman.
Over the last three decades, he has built an impressive business empire through his company, Magic Johnson Enterprises (M.J.E.), which encompasses a wide range of ventures, including insurance, healthcare, food services, staffing, and sports
Los Angeles Lakers
Magic Johnson's legendary association with the Los Angeles Lakers goes beyond his on-court contributions.
In 1994, he acquired a minority 4.5-percent stake in the Lakers for $10 million. This investment not only established his presence in the sports business space but also allowed him to play a pivotal role in the team's operations.
Johnson eventually sold his stake in the Lakers, yielding a substantial profit from his initial investment.
Los Angeles Dodgers
In addition to basketball, Magic Johnson made significant strides in the realm of baseball by becoming one of the owners of the Los Angeles Dodgers.
His ownership stake in the team, amounting to 2.3 percent, is part of the Guggenheim Baseball Management group, which represents the full consortium of team owners.
Los Angeles Sparks
Demonstrating his commitment to women's professional basketball, Magic Johnson, along with an investment group, acquired the WNBA franchise Los Angeles Sparks in 2014.
This strategic move further diversified his sports portfolio and solidified his presence in the realm of professional sports.
LAFC (Los Angeles Football Club)
Magic Johnson's involvement as a co-owner of the Major League Soccer (MLS) team Los Angeles Football Club (LAFC) underscores his multifaceted approach to sports investments.
LAFC's stature as a member club of the league's Western Conference aligns with Johnson's penchant for diverse sporting ventures.
EquiTrust Life Insurance Company
In 2015, Magic Johnson Enterprises expanded its reach into the insurance sector by acquiring a substantial 60-percent stake in EquiTrust Life Insurance, a Chicago-based insurance company managing an impressive $17 billion in fixed-rate and indexed annuities, as well as life insurance products.
T.G.I. Friday's
The agreement forged by Magic Johnson with Carlson Restaurants Worldwide Inc. in 1998 paved the way for the development of a T.G.I. Friday's restaurant under the brand "Magic Johnson's T.G.I. Friday's." With over 850 restaurants spanning 55 countries, this venture further exemplifies Johnson's foray into the food services industry.
Magic Johnson Theaters
In 1994, Magic Johnson embarked on the development of a chain of movie theaters under the banner of Magic Johnson Theaters.
This move in the entertainment sector underscored his interest in diversifying his business interests. Subsequently, in 2004, he divested his interest in Magic Johnson Theaters to Loews Cineplex Entertainment.
Burger King Franchises
The acquisition of 30 Burger King locations in Georgia, Alabama, Texas, and Florida in 2004 marked Magic Johnson's entry into the fast-food industry, further expanding the breadth of his business ventures.
24 Hour Fitness Magic Johnson
Magic Johnson Enterprises established a successful partnership with 24 Hour Fitness, a privately owned fitness center chain, resulting in the creation of 24 Hour Fitness Magic Johnson.
This collaboration, which has locations across the United States, exemplifies Johnson's strategic foray into the health and wellness sector.
Starbucks Franchises
Between 1998 and 2010, Magic Johnson invested in 125 Starbucks franchises, a significant venture that showcased his interest in the retail and hospitality industry. His subsequent sale of these franchises in 2010 marked a strategic shift in his business portfolio.
All in all, Magic Johnson's diverse portfolio of businesses, ranging from sports franchises to insurance, food services, and real estate, reflects his astute business acumen and strategic investments.
His journey from a basketball legend to a prominent figure in the business world stands as a testament to his ability to diversify and succeed across multiple industries.
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