Magic Johnson

Magic Johnson Joins Group Bidding to Purchase Denver Broncos

Entrepreneurship News

Magic Johnson aims to expand his ownership across the sports world. The former Showtime Laker has reportedly joined the group bidding to acquire the NFL’s Denver Broncos.

Never one to shy away from sports (even if it isn’t the game of basketball), Johnson will join forces with Philadelphia 76ers co-owner Josh Harris in an attempt to become owners of the team, per reports from Sportico. The team was officially put on the market by the Bowlen family earlier in the offseason. They served as owners of the Broncos for 38 years.

“Selling an NFL team is a complex process involving numerous parties and league approval procedures,” said Broncos president and CEO Joe Ellis in an earlier statement during this offseason. “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.”

A Winning Streak

Johnson, who is known to focus on franchises in the Los Angeles area, is hoping to bring that same magic to Denver. 

Currently, he is the co-owner of the MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. Under his ownership, both teams have thrived. In 2020, the Dodgers ended a 30-plus year span of losses by clinching the World Series title. Just a few years earlier, the Sparks won their third championship, the first since 2002 and the first under Johnson’s leadership.

Additionally, as the Lakers’ president for two years, Johnson played a pivotal role in getting LeBron James a spot on the team before he went on to lead the team to an NBA title in 2020.

A Year of Change

This must be an offseason of change for the Broncos, who recently got a new head coach as well as a new offensive coordinator. Another noteworthy move was landing star quarterback Russell Wilson who led the Seahawks to their first-ever Super Bowl title in 2013.

The Denver Broncos franchise could sell for around $4 billion and was valued at $3.75 billion in August 2020.

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Author: Staff Writer

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398 thoughts on “Magic Johnson Joins Group Bidding to Purchase Denver Broncos

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