Earvin ‘Magic’ Johnson is only the second richest NBA star in the world, the first position being acquired by none other than Michael Jordan.
Johnson was known for creating magic on the basketball court and after retirement has created quite a status for himself as an entrepreneur. The businessman beyond basketball has amassed an empire that includes radio stations, a cable television network, magazines, sports teams, real estate, movie theatres and investments in corporate partnerships.
He earned the nickname ‘Magic’ back in 1974 for a basketball game in his sophomore year where he scored 36 points, 18 rebounds and 16 assists. His basketball career has been full of ups and downs. Some high points included being honoured as NBA’s most valuable player in 1987, 1989 and 1990, and won the NBA Championship five times for the LA Lakers.
On the flip side, Johnson has also faced a number of hurdles. In 1991, he announced he was HIV positive and would be retiring from basketball, effective immediately. Following his announcement, he tried to jump back into the game two more times but retired for good in 1996. He also forged an alliance with Sony Pictures to develop the Magic Johnson Theatres.
His entrepreneurial journey began with the establishment of Magic Johnson Enterprise in 1987. He also founded the Magic Johnson Foundation soon after this announcement. Currently, Magic Johnson Enterprise is valued at $1 billion.
The business powerhouse is known for taking risks and greatly benefiting from each of them. In 2012, he bought the Los Angeles Dodgers for astronomical $2.15 billion. The same year, he also announced about ASPiRE, an African-American television network. In the last 23 years as a businessman, Earvin Johnson also invested in various franchises and corporations such as Sodexo, Burger King, T.G.I. Fridays and Starbucks.
In February 2017, Johnson was confirmed as Lakers president of basketball operations but just last week, he announced that he was stepping down from the position. The former basketball player has had quite an interesting journey and still continues to make news with his successful ventures. He is the star on and off the court, indeed!