Magic Johnson Net Worth
Magic Johnson Net Worth: $800,000,000
Related Net Worths: Larry Bird, Michael Jordan, Kobe Bryant, Kareem Abdul-Jabbar, Shaquille O’Neal, LeBron James, Julius Erving, Wilt Chamberlain, Charles Barkley, Scottie Pippen, John Stockton, Jerry West, Bill Russell, Karl Malone
Sources: L.A. Lakers, Magic Johnson Enterprises, Converse, Pepsi, Kentucky Fried Chicken, Red Rooster, SkyBox, Unilever, Rent-A-Center, Jackson Hewitt’s Tax Services, Tradewest, Starbucks, MasterCard
Earvin “Magic” Johnson Jr. is a retired NBA point guard and current entrepreneur and philanthropist with a net worth of $800 million. Although his NBA career was cut short by HIV, he still managed to win five NBA championships with his team, the L.A. Lakers, and receive a number of other awards including three regular season MVP awards and three NBA finals MVP awards.
Not one to shy away from the corporate world, Johnson earned millions during his career from endorsement deals. Today he has branched out into several other business ventures, which include his company Magic Johnson Enterprises, valued at $700 million. Here’s a closer look at how Magic made his millions.
Johnson was drafted first overall in 1979, joining his idol Kareem Abdul-Jabbar on the L.A. Lakers. That season, he won the NBA Championship with the Lakers and became the first rookie to win the NBA Finals MVP award. Two years later, Johnson would repeat the feat, winning the championship with the Lakers again and earning his second NBA Finals MVP award.
Johnson and the Lakers would take home the championship trophy again in 1985, and then twice more in 1987 and 1988. In 1990, Johnson won his first regular season MVP award.
The next year, Johnson tested positive for HIV, and immediately announced his retirement from professional basketball. But the next year, despite his retirement, Johnson was voted onto the 1992 NBA All-Star team, and also chosen as part of the American “Dream Team” at the 1992 Summer Olympics. He went on to be named MVP of the All-Star game, and bring home a gold medal with the U.S. Olympic basketball team.
In 1993, Johnson officially returned to the NBA as coach of the Lakers. Then, in 1996, Johnson returned as a player to the Lakers team. He played 32 games for the Lakers before retiring again, saying he was “going out on [his] own terms.”
HIV & Magic Johnson Foundation
After his HIV diagnosis, Johnson became an HIV/AIDS crusader, using his appearance at the 1992 All-Star game to talk about HIV and writing a book about safe sex. In order to further combat the disease, Johnson founded the Magic Johnson Foundation, which today serves over 250,000 individuals in the fight against HIV and AIDS.
Johnson’s numerous endorsement deals have included contracts with Converse, Pepsi, Kentucky Fried Chicken, Red Rooster, SkyBox, Unilever, Rent-A-Center, Jackson Hewitt’s Tax Services, and Tradewest.
In 2013, on ESPN’s NBA Countdown halftime show, Johnson made the strange announcement that he thought Miami Heat star and two-time MVP LeBron James needed more endorsement deals, saying “every time I look at the TV, I never see any LeBron James commercials.”
Magic Johnson Enterprises
Johnson’s flagship enterprise today is Magic Johnson Enterprises. The company owns a number of subsidiaries, which include a promotional company, a nationwide chain of movie theatres, and a film studio.
Other Business Ventures
Outside of his own company, Johnson has also made a number of other huge key investments. In 1994, he paid $10 million to buy a 4.5% share of the Lakers, which he later sold for a reported $50-60 million. He went on to purchase 125 Starbucks stores, which he sold back to the company in 2010 for $75 million. He was also part of a group of private investors who purchased the L.A. Dodgers for $2 billion in 2012.
His other business ventures over the years have included a chain of T.G.I. Friday’s restaurants; SodexoMAGIC, a food distribution service; MAGIC Workforce Solutions, a staffing agency; Yucaipa Johnson Fund, a private equity growth fund invested in Vibe Holdings LLC; the Magic Johnson Management Group, a film and television management agency; and the MasterCard Magic Card, a pre-paid MasterCard service.
Article by Andre Williams. Connect with him on Google+