Raiding The Bank
NBA legend Magic Johnson is deep in negotiations to purchase a stake in the NFL's Las Vegas Raiders, Semafor reported Friday. If closed, the transaction could potentially set a record for sports franchise deals, sources with knowledge of the deal told the outlet.
Johnson, the former Los Angeles Lakers star widely regarded as the greatest point guard of all time, has had his hands in a number of sports-related business dealings since his retirement. He is already a part-owner of the MLB's Los Angeles Dodgers, and has reportedly been "assembling a team of investors in recent weeks" to try and make a bid for a minority slice of the Raiders.
The Raiders, who are majority owned by the Davis family, are reportedly conducting due diligence. A price tag for the minority stake was not disclosed. However, Forbes reported in August that the Raiders had received a minority offer from an unnamed investor valuing the club at $6.5 billion.
While it is unknown if Johnson was the investor in question, the $6.5 billion valuation would notably be a record in professional American sports.
Johnson has long expressed interest in purchasing part of the Raiders, and the deal would continue the tradition of high-valued football franchises. Per Axios, there are at least 16 NFL clubs worth at least $4 billion. The highest value in 2022 belongs to the Dallas Cowboys, worth a reported $7.6 billion. Even the lowest-valued club in the league, the Cincinnati Bengals, is still worth a reported $2.8 billion.