Magic Johnson Trying To Become Part-Owner Of Denver Broncos

Magic Johnson has joined a group that is bidding to buy the Denver Broncos, Sportico reports. Already a member of the Los Angeles Dodgers ownership group, the Los Angeles Lakers legend is looking to dip his toes into a third major sport.

Johnson, 62, is joining a potential ownership group that is led by Philadelphia 76ers co-owner Josh Harris, according to Sportico. It’s unknown how much of an investment Johnson would be making into the Broncos.

Johnson paid $50 million to be part of the group that purchased the Dodgers for $2.15 billion in 2012. Johnson is also an investor in the WNBA’s Los Angeles Sparks.

The Lakers hired Johnson to be the team’s President of Basketball Operations in February 2017. Johnson resigned two years later.

The Pat Bowlen Trust announced earlier this year that the Broncos are officially up for sale. Denver is expected to become the most expensive purchase of any professional sports team.

Sportico values the Broncos at $3.8 billion. The Brooklyn Nets set the record with a $2.35 billion sale to Alibaba co-founder Joe Tsai over two years ago. The Carolina Panthers were sold to David Tepper in 2018 for an NFL record $2.275 billion.

The Broncos have not reached the playoffs since winning Super Bowl 50 in February 2016. Denver traded for star quarterback Russell Wilson this offseason, raising expectations for the 2022 NFL season.