WASHINGTON INFORMER: Basketball Hall of Famer and entrepreneur Magic Johnson is set to be a partial owner in the new ownership group purchasing the Washington Commanders – a barrier-breaking move as he is the first Black man to own a significant stake in team history.
Johnson is the owner of the $700 million Magic Johnson Enterprises of Beverly Hills, California. He officially obtained a four percent stake in the reportedly $6.05 billion price tag for the NFL franchise on May 12. when Dan and Tanya Snyder agreed to sell the Commanders to a group led by Chevy Chase, Maryland, resident Josh Harris, the co-owner of the Philadelphia 76ers.
Harris, 58, is the lead owner of the Commanders with Potomac, Maryland, billionaire Mitchell Rales, the co-founder of the Danaher Company, possessing a significant share of the franchise.
Johnson, 63, said he looks forward to being a part-owner of the team.
“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” Johnson tweeted. “Josh Harris has assembled an amazing group who share a commitment to not only great things on the field but to making a real impact in the (Washington-area) community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fan base.”Johnson also has a major stake in the Los Angeles Dodgers, the Los Angeles Sparks, and the Los Angeles Football Club. In 1990, Johnson teamed with Black Enterprise Publisher Earl Graves Sr., and Pepsi to create Pepsi-Cola of Washington, D.C. L.P., the largest minority-controlled Pepsi bottling franchise in the nation priced at $60 million.