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NFL

Magic Johnson joins group with intention to buy the Denver Broncos

The Lakers icon is no stranger to investing in major franchises with a successful track record to boot. Can he do so once again?

Paul Rudder
Update:
Magic Johnson joins group with intention to buy the Denver Broncos
Ethan MillerAFP

The Lakers’ legend is no stranger to investing in team ownership, only this time it’s an NFL giant.

Magic Johnson looks to buy Denver Broncos

There are few names in NBA history that are synonymous with success like that of for Los Angeles Lakes playmaker Magic Johnson. Indeed, Johnson became a household name during the 70s and 80s as he he enamored NBA fans with his almost telepathic ability to connect with teammates - without looking - on many an occasion resutling in several NBA championships. Fast foward to today and Johnson seems to still be applying a success driven mentality. Most recently the NBA Hall of Fame point guard got his hands into the NFL, as he partnered with Philadelphia 76ers co-owner Josh Harris to place a bid for the purchase of the Denver Broncos, according to reports. This comes after the Bowlen family - owners of the Broncos for 38 years - announced they would be selling the team earlier this season.

How did Magic Johnson get here?

At 62 years old, Johnson is currently a part-owner of MLB’s Los Angeles Dodgers as well as the WNBA’s Los Angeles Sparks. That is to say the NBA icon is by no means a new kid on the block when it comes to team ownership and all that goes along with tit. Incidentally, it was only after Johnson’s arrival as owner that the Dodgers brought an end to their 30-plus-year World Series title drought in 2020. As for the Sparks, Johnson’s tenure seemingly brought about their first championship since 2002. With the Broncos having recently acquired QB Russell Wilson, could this be the start of something big? This is after all the same man who helped to recruit LeBron James and while the Lakers fell short of expectations this season, rest assured that is no small feat.

What does buying the Denver Broncos look like?

Back in August of 2021 the Denver Broncos were valued at $3.75 billion by Forbes. With that in mind, it’s reasonable to assume that when it comes time to sell, the team will likely hit the market with a price that’s in the realm of $4 billion. “Selling an NFL team is a complex process involving numerous parties and league approval procedures,” Broncos president and CEO Joe Ellis said in a statement earlier this off-season. “Nonetheless, the trustees hope to have the sale completed by the start of the 2022 NFL season. The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community.”

Regardless of who owns the Broncos, their focus will undoubtedly be on the coming season. Having seen a change in head coach as well as the arrival of the aforementioned Russell Wilson, the Broncos are now set to go forward with former Packers offensive coordinator Nathaniel Hackett. Can the combination of a former Super Bowl winning QB along with an OC of similar pedigree take the Broncos back to where they used to be? It would seem that Magic Johnson and co. are banking on exactly that.

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