Since the conclusion of his illustrious NBA career, former Los Angeles Lakers great Earvin “Magic” Johnson has been one of the most successful former athletes in the United States. Johnson has become a businessman that has worked himself into several different ventures that he helped him achieve much success following his playing days. In many ways, he has become the model that many players look to shape their life after their professional sports careers. With that in mind, here’s what Johnson has done to garner a massive net worth.
Magic Johnson’s NBA career
Johnson entered the NBA after a highly successful four-year stint at Michigan State, where he led the school to National Championship in 1979. He was selected with the first overall pick in the 1979 NBA Draft by the Los Angeles Lakers.
Johnson was the driving force to the Lakers’ famed “Showtime” era team, where he played alongside Hall of Famers Kareem-Abdul Jabbar and James Worthy as well as other players such as Bryon Scott and Michael Cooper. In 1981, he made history by inking a record-breaking 25-year, $25 million deal with the Lakers
Although his career was cut short in 1991 due to fear over HIV, he had an incredible 12-year run where he won five NBA titles in nine trips to the Finals, three NBA Finals MVP awards, three regular-season MVP awards, selected to the All-NBA First Team nine times.
He did return to play in 1996 before stepping away into retirement for the final time. Johnson is widely regarded as not only being one of the greatest players to play the game but also the best point guard in league history.
Magic Johnson’s business ventures
What separates Johnson from many of his peers since retirement has been his business ventures.
He fully embraced becoming a businessman where he opened up Magic Johnson Enterprises, which began in 1995 when he purchased an equity stake in a movie theater in Baldwin Hills in the Los Angeles area. In the years that have followed, it has grown to where he owns health clubs, movie theaters, real estate, T.G.I. Fridays, and a promotional marketing company.
That also included him buying over 125 Starbucks locations, which he held until he sold back to the company in 2010. In total, Magic Johnson Enterprises reportedly holds a net worth of $1 billion. In 1994, Johnson had paid $10 million to buy 5% of the Lakers, which he sold his stake to the team in 2010 to billionaire Patrick Soon-Shiong for a reported $50-60 million.
Beyond that, Johnson is also part of the ownership group that purchased a majority stake in Los Angeles Dodgers for $2 billion back in March 2012. The 60-year-old also purchased the Los Angeles Sparks of the WNBA back in 2014 and is a part-owner of the Los Angeles Football Club, which is an expansion team in Major League Soccer.
Each of these franchises has experienced success during Johnson’s tenure of ownership. The Sparks won the 2016 WNBA title finished with the best record in the league last year, and the Dodgers have an active streak of seven straight winning the NL West division and a pair of World Series appearances.
Magic Johnson’s net worth
Over nearly the last four decades of his life, Johnson has had the opportunity to excel in a domain where he could earn a tremendous amount of money. All of that only took another significant step forward with his business decision following his Hall of Fame career.
These moves since his retirement from the NBA have seen him push his net worth up to around $600 million, according to Celebrity Net Worth. Johnson has become a highly successful businessman that has put himself in the position to dabble in many different ventures, including professional team ownership.
Johnson’s success off the court has inspired many players after him to find their next career after their playing days. It’s a testament to his hard work and dedication that has put him in this extraordinary position in life.