One of the most famous basketball players of all time is in talks to purchase a piece of one of the most famous NFL franchises.
Liz Hoffman of Semafor.com reports that Magic Johnson could be buying part of the Las Vegas Raiders. Per the report, Johnson has been “assembling a team of investors” to buy an undisclosed piece of the franchise. Hoffman adds that a deal hasn’t been finalized, and that it could still fall apart.
Coincidentally, and as noted by Hoffman, Forbes.com reported in August that Raiders has received an offer from an unnamed investor for a minority interest in the franchise that would reflect a valuation of $6.5 billion for the entire team.
Some have speculated that controlling interest in the Raiders eventually could be available. Questions linger regarding the ability of Davis to eventually pay estate taxes after the passing of Carol Davis, the wife of the late Al Davis. There also has been a sense in some circles that the league would prefer to have its Las Vegas franchise run by someone other than Mark Davis.
Earlier this year, reports emerged of problems within the Raiders organization. Few developments have occurred in recent months, as the league focuses more immediately on Daniel Snyder’s ongoing ownership of the Commanders.
The suggestion that Johnson is “assembling a team” makes it seem as if this is something more than a ceremonial purchase, and that perhaps it represents an initial step toward something larger. Absent a relaxation of the rules, however, Johnson could not become the majority owner without personally purchasing at least 30 percent of the team via cold, hard cash. The Internet, always reliable and fully accurate when it comes to estimating the net worth of athletes and celebrities, pegs Johnson’s at roughly $600 million. That’s not nearly enough to translate to the kind of cash that would let him be the one who actually controls the franchise.