Earvin “Magic” Johnson, known for his legendary career with the Los Angeles Lakers, is a successful name on the basketball court and the boardroom.
Magic Johnson was born in Lansing, Michigan, on August 14, 1959. He grew up with his six siblings and three half-siblings.
His father, Earvin Sr., worked on a General Motors assembly line, and his mother, Christine, was a school janitor. Despite modest means, Johnson’s family planted a strong work ethic in him.
Johnson attended Everett High School and quickly made a name for himself as a basketball prodigy.
After high school, he was recruited by top colleges, including Indiana University and UCLA; Johnson eventually decided to stay close to home and play for Michigan State University in East Lansing.
His decision paid off when he led the team to an NCAA Championship 1979.
🏀⭐️40 years ago today Earvin "Magic" Johnson from Michigan State University was selected first overall by the Los…
Posted by Davenport Sports Network on Tuesday, June 25, 2019
In 1979, the Los Angeles Lakers selected Johnson first overall, marking the beginning of a golden era for both Johnson and the NBA.
Throughout the 1980s, Magic won five NBA Championships and was a 12-time All-Star, revolutionizing the game with his dazzling passing skills and leadership on the court.
Johnson signed two notable contracts with the Los Angeles Lakers in his career.
He initially signed a 5-year deal worth $2.3 million, fully guaranteed, with an average annual salary of $460,000.
Later, the Lakers offered him an unprecedented 25-year, $25 million contract, guaranteeing him $1 million yearly.
This long-term agreement, rare in professional sports, reflected Johnson’s exceptional value to the Lakers both on and off the court and the franchise’s commitment to securing his talents for the long haul.
Magic Johnson Is Building an Empire
Magic Johnson’s financial success began after retirement when he became a business magnate.
As the Chairman and CEO of Magic Johnson Enterprises, he quickly made waves in multiple industries.
In 1998, Johnson broke new ground by partnering with Starbucks to become the company’s only franchisee.
Eventually, he acquired and sold 125 stores, a strategic move that solidified his position as a serious entrepreneur.
One of his most incredible achievements came in 2012 when he became co-owner of the Los Angeles Dodgers as part of a $2 billion investment—at the time, the highest purchase price for any professional sports team.
His portfolio of sports investments continued to grow as he acquired ownership stakes in the WNBA’s Los Angeles Sparks, MLS’s Los Angeles Football Club, and esports franchise Team Liquid.
He also recently acquired a stake in the NFL’s Washington Commanders, extending his influence across nearly every major American sports league.
Magic Johnson Enterprises has continued to expand, with interests in industries beyond sports.
Magic Johnson Is Expanding His Business Ventures and Net Worth
Working from our new EquiTrust offices in Chicago this morning and I'm blessed to have an outstanding team!
Posted by Magic Johnson on Tuesday, October 4, 2016
Johnson holds a controlling stake in EquiTrust, a financial services company managing billions in assets, and SodexoMAGIC, a joint venture focused on food services and facilities management.
In 2015, he partnered with Loop Capital to create MJE-Loop Capital Partners, a firm committed to funding infrastructure projects across the U.S.
Johnson also tapped into the burgeoning digital space by launching his first non-fungible token (NFT) collection with Dapper Labs in 2022.
He is now entering the metaverse with investments in virtual sports teams through SimWin Sports.
In addition to his successful business ventures, Magic Johnson’s impact is documented in They Call Me Magic, a highly-rated documentary series on Apple TV+ that explores his journey from humble beginnings to global influence.
As a board member for Fanatics, a sports licensing company, Johnson is positioned to impact sports merchandise worldwide.
He supports diverse representation in business and seeks to foster positive change globally.
Thanks to his diversified portfolio and strategic investments, experts estimate Magic Johnson’s net worth to be over $1 billion.
He owns high-stakes sports franchises and makes groundbreaking business partnerships.
His story exemplifies what we can achieve with vision, discipline, and an unbreakable work ethic.
His journey from basketball legend to business mogul inspires millions, showcasing how strength and smart investing can create enduring success.
In Case You Didn’t Know
- Johnson married Earlitha “Cookie” Kelly in a small wedding in Lansing 1991.
- Magic Johnson has three children: Andre Johnson, born to Melissa Mitchell; Earvin III, born to Kelly; and an adopted daughter, Elisa.
- Jackson and WNBA players participated in a basketball exhibition for military troops with President Barack Obama.
