Report: Magic Johnson joins bid to purchase Denver Broncos

Three years after resigning as Lakers president, Magic Johnson is ready to jump back into the game. 

Well, a different game.

Johnson is reportedly set to join a bid to purchase the Denver Broncos, according to Sportico. If the bid is successful, the basketball legend would be a co-owner in the bid being led by Philadelphia 76ers co-owner Josh Harris. Harris is also co-owner of the New Jersey Devils and a minority owner of the Pittsburgh Steelers. 

Since retiring from the NBA, Johnson has invested heavily in professional sports teams, including the Dodgers, Lakers, Sparks and LAFC, but this would be his first venture into the NFL. Forbes projects Johnson’s net worth at $600 million.

Forbes also projects the Broncos are worth $3.75 billion, while many expect the team to sell for more than $4 billion.

Since the Broncos were put up for sale in February, several names have been floated as potential buyers: Peyton Manning, John Elway, Jeff Bezos, Walmart owner Rob Walton, DraftKings owner Todd Boehly and Brittany Bowlen, daughter of former Broncos owner Pat Bowlen. 

But the NFL has also been under pressure in recent years about the fact that the league has never had a Black owner. According to Sportico, every group bidding for the Broncos will have a minority investor. 

Johnson isn’t the first Black man who has been linked to the team. Entertainment Studios CEO Byron Allen, private equity CEO Robert F. Smith and hip-hop artist Kanye West have all been reported to have an interest in buying the NFL franchise.