Report: Magic Johnson Joins Josh Harris in Broncos Ownership Bid

Earvin Johnson hoping to put the Magic in the Mile High...

With the conclusion of the 2022 NFL draft, fans are focused on the impending sale of the Denver Broncos. Who will the new owner be?

Walmart heir Rob Walton is in all probability the favorite in the race to purchase the team as the 19th-richest billionaire on the planet with an estimated net worth of $70.4 billion.

But what if a former five-time NBA champion and Hall-of-Famer threw his hat in the ring? 

On Thursday, Sportico reported that Earvin ‘Magic’ Johnson has pulled up a seat at the bidding table to purchase the Broncos. 

The former NBA star has joined the bid group being led by Philadelphia 76ers co-owner Josh Harris, according to the person, who was granted anonymity because the details are private. Adding a high-profile African American investor, one of Johnson’s stature no less, could help make the group more attractive as bidding intensifies in the coming weeks and months.

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Harris is estimated to have a net worth of approximately $7.56 billion and also has previous experience with the NHL’s New Jersey Devils. He's an investor in the English soccer club Crystal Palace and brings extensive property and real estate experience as a private equity investor.

Paired with Harris’ group Apollo Global Management, Johnson brings diversity as a high-profile African American investor in addition to an excess of capital to bid with.

In 2011, Todd Boehly, who’s also bidding for the Broncos ownership in a separate group, combined forces with Johnson to purchase the MLB’s Los Angeles Dodgers in a $2 billion bid. Johnson brought $50 million of his own money to the group and served as an ambassador for the Dodgers’ new ownership. 

Johnson’s 'Showtime' days with the Lakers brought the NBA franchise five championships. In 2020, the Dodgers won the World Series giving Johnson his first championship in Major League Baseball.

While it’s unclear how much Johnson’s assets and wealth amount to, speculation suggests he has a net worth of approximately $600 million.

Originally from Lansing, Michigan, Johnson played college basketball for Michigan State and captured a national championship in 1979, and is also in the College Basketball Hall of Fame. He was drafted by the Lakers with the first overall pick in 1979 where he dominated the hardwood for over a decade.

Johnson is also a part of the WNBA’s Los Angeles Sparks investing groups and MLS’ Los Angeles Football Club. Johnson earned five NBA titles as a player and five as an owner and also champions the Magic Johnson Foundation to help combat HIV. 

Since his own announcement of contracting HIV in the early 1990s, Johnson has led the charge to support patients with HIV and AIDS in addition to breaking down social stereotypes about the diseases.

The two-time gold medal Olympian and his group led by Harris are now expected to bid for the highest ever price paid for a professional sports franchise. It’s being estimated that the Broncos could sell for upwards of $4 billion by the time the dust settles.

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