Magic Johnson joins Josh Harris’ bid for Commanders

(Disclosure: Josh Harris, a co-founder of Apollo Global Management, is the managing partner. Yahoo, Inc. is owned by Apollo Global Management.

Josh Harris, a billionaire, is said to be trying to purchase the Washington Commanders. Literally.

Sportico reports that Magic Johnson, a Hall of Famer and NBA legend, is now 88. joining the group Harris has assembled to bid on the Commanders. Although it is not clear how much he is investing, the group has plenty of financial backing. The group includes Harris, who is co-founder and managing partnership at Apollo Global Management. He is also worth more than $7 billion. Michell Rales, an American businessman, is reported to be part of the group. His net worth is over $6.5 billion.

Magic and Harris have extensive experience in either purchasing teams or being part-owners. Magic is part-owner in Los Angeles Dodgers. She also holds stakes in Los Angeles Sparks FC. Magic was also reportedly interested last year in buying into the Las Vegas Raiders. Harris owns the Philadelphia Sixers, New Jersey Devils and Crystal Palace FC.

ATLANTA, GEORGIA - MARCH 17: Magic Johnson speaks during the 2023 International Poverty Forum at Delta Flight Museum on March 17, 2023 in Atlanta, Georgia. (Photo by Derek White/Getty Images)

Magic Johnson, the NBA’s greatest player, is said to have joined one of the groups trying to buy the Washington Commanders. (Photo by Derek White/Getty Images).

Harris and Magic have teamed up before. Both were part of the group that failed in 2022 to purchase the Denver Broncos. The Walton family eventually bought the franchise for $4.65 Billion, the current record in the United States for the most expensive purchase of a sports team.

However, the Commanders sale could surpass that figure by up to $500 million. Forbes valued the team at $5.6 billion, nearly $1 billion higher than the Broncos’. Although the Commanders will likely use their own valuations, the unofficial valuation sets the expectation that the Commanders will sell for much more than anyone has ever paid for an American sports team.

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