Nick Ut / AP
In a Tuesday, Aug. 23, 2016, file photo, former Los Angeles Lakers star Magic Johnson speaks at a groundbreaking ceremony for a stadium that will be home to the Los Angeles Football Club in Los Angeles.
Saturday, Oct. 22, 2022 | 12:28 p.m.
Basketball great Magic Johnson is negotiating to purchase a stake in the Las Vegas Raiders, the digital media group Semafor reported Friday.
Johnson, who is also part-owner of MLB’s Los Angeles Dodgers, “has been assembling a team of investors in recent weeks for a minority slice of the Raiders,” Semafor reported.
Semafor reports a potential transaction could set a record for sports franchise deals. It’s unknown what percent of the team Johnson’s group is negotiating to acquire.
The Raiders are valued at $5.1 billion by Forbes to rank as the ninth-highest valued franchise in the 32-team NFL, nearly doubling in worth since moving to Las Vegas and Allegiant Stadium in 2020. They were valued at $2.9 billion in the final Oakland season of 2019.
Magic Johnson Enterprises, the investment group owned by the basketball legend, has ownership in everything from fast food restaurants to movie theaters and athletic clubs.
Johnson was leading the Lakers to NBA titles in sharing the Los Angeles spotlight with the Raiders in the 1980s. The Marcus Allen-led Los Angeles Raiders won the Super Bowl in 1984.
The NFL would need to approve all transactions. League rules require the principal owner of a team to hold at least 30%, according to Semafor.
