It seems Lakers legend Magic Johnson is going to join another professional sports franchise. According to Sportico, Johnson joined a bid for buying the Denver Broncos. The Philadelphia 76ers owner Josh Harris is going to led the bid. However, It’s unspecific how much Johnson is raising as part of the bid. When approached by Sportico, the Johnson and others,
who are involved with the group and Broncos delegates refused to comment. In 2012, Johnson experienced being part of an ownership group. To join the group that purchased the Los Angeles Dodgers, he invested $50 million. However, that was not a huge financial commitment, as the Dodgers were sold for $2.15 billion. In 2014, Johnson also was part of a group that bought the Los Angeles Sparks.
In 2014, After a long legal conflicts arising from former team owner Pat Bowlen withdrawing control of the franchise, in February the Broncos declared the team was going for sale. In 1984, Bowlen bought the franchise. After being diagnosed with Alzheimer’s disease he withdrew control to a trust in 2014
and Bowlen died in 2019. The fight between the Bowlen family directed to legal battles over who should be the primary holder of the franchise. In January, a decision paved the way for the family to auction the team. After few weeks that ruling, the Broncos declared the team was up for sale.
The franchise is anticipated to sell for approximately $4 billion. Reportedly Harris has a figured net worth of approximately $7.56 billion and he has familiarity with professional sports franchises. Johnson brings variety to the group as he is a high profile, well-known Black investor. Once the bidding intensities in the coming weeks, his extension could make the group more impressive.
Source & Credit: Google