Magic Johnson is part of a group that purchased the Washington Commanders for a whopping $6.05 billion. Washington Commanders owner Dan Snyder has agreed to sell the team for a led by private equity billionaire Josh Harris, owner of the Philadelphia 76ers, and fellow billionaire Mitchell Rales.

The sale must still be approved by the NFL and 24 of the league’s 32 franchise owners before it is finalized.

Last year, Forbes estimated the Commanders were worth $5.6 billion, making it tied for the world’s eighth most valuable sports team. In 2022, the Washington Commanders finished the regular season with an  8-8- 1 record.

Harris also holds stakes in several NHL franchises. Johnson and star for Los Lakers and he owns a 2.3% stake in the team, and he’s invested $50 million in the Dodgers since purchasing the team. 

He is one of the NBA’s wealthiest players, with a net worth of $120 million.

Magic Johnson Enterprises is an investment company that began in 1995 with investments in movie theaters and fast-food restaurants, including 31 Burger King stores located on the west coast. Johnson also owned a 4.5% stake in the Lakers from 1994 to 2010. He has won five additional titles as a Lakers owner, one as a Dodgers owner in 2020. 

Over the years the company has grown and evolved and is now a company that provides products and services “that focus primarily on ethnically diverse and underserved urban communities^.â€

The Commanders were once known as the Washington Redskins before the name was changed to the Washington Football Club on July 2020. They became the Commanders on February 2, 2022.