When it comes to advice, experience is the ultimate currency. You want fashion tips? You call someone like Anna Wintour. Football strategy? Bill Belichick has decades of winning under his belt. Business moves? Elon Musk has lived every high and low. And if you’re a former athlete looking to navigate the world of money, ownership, and big-picture success, Magic Johnson is exactly the person you’d want in your corner.
Magic Johnson was in full coach mode when he dropped some wisdom on the Bloomberg podcast, breaking down what it really takes to win and warning his fellow athletes. “We talk about preparation, and I talked to our Commander players about, you know, preparation. It starts in practice. You gotta practice the way you’re gonna play on Sunday. So that starts on Monday all the way through, right? And losing’s gotta be a bad taste in your mouth, right? And then we gotta be a team. We lose as a team, we win as a team. Right? It can’t be hidden agendas… that kills you every time,” he said.
In his view, the moment personal goals take priority over team goals, it all unravels — “It’s going to kill you. You’re going to lose, and it trickles down within the locker room.”
ALPHARETTA, GEORGIA – JUNE 24: Magic Johnson on stage during the TSP Live 2022 conference at The Hotel at Avalon on June 24, 2022 in Alpharetta, Georgia. (Photo by Derek White/Getty Images)
But Magic also knows the power of respect and experience. “The one thing we [Alex Rodriguez and I] both have is that they respect us already. And I can say something that a Mark can’t say… because he’s gonna look at me and say, oh, he’s been through it,” he explained. And just in case anyone needs a reminder of who they’re talking to, he added with a laugh, “I walk in with 17 damn World Series or world championship ring. Right? So I’m walking in with jewelry so they understand that language real fast.”
Magic Johnson’s first big move as an investor came in 1994 when he bought a 4.5% stake in the Lakers for $10 million — a piece of the team he later sold in 2010 for about $28 million. Instead of sticking to the NBA, Magic started spreading his wings across other sports. In 2012, he joined Guggenheim Partners and Stan Kasten to buy the MLB’s Los Angeles Dodgers, then added the WNBA’s Los Angeles Sparks to his portfolio in 2014. He didn’t stop there — by 2018, he was a co-owner of MLS’s Los Angeles FC, which went on to win the MLS Cup in 2022, and he also grabbed a stake in the NWSL’s Washington Spirit.
But his boldest play came in 2023, when he dropped $240 million to join the ownership group buying the NFL’s Washington Commanders for just over $6 billion. For Magic, that deal topped them all. “It’s the greatest deal I’ve ever done,” he said. So is this the kind of long game other NBA greats like Shaq, Curry, and others should keep in mind while exploring the business world?
Magic Johnson’s advice could guide future NBA team owners
Shaquille O’Neal has made it clear that he wants back in the NBA, this time as an owner. In his own words, “I would definitely like to. Whatever team is available.” He has already had a taste of ownership before as a minority investor in the Sacramento Kings, but NBA rules forced him to sell his stake when he became a brand ambassador for WynnBET. Now, he is thinking much bigger. Shaq has his eyes on Las Vegas, a city often mentioned as a prime spot for a new franchise. “I don’t want to partner up with nobody. I want it all for myself,” he said, confirming he has been calling top people so he can be “heavily involved” if an expansion team is awarded. As he put it, “Everybody’s hush-hush. Adam Silver’s hush-hush with information. But whenever it comes out, I’ll be the first to take it.”
Stephen Curry, at 37, is still leading the Golden State Warriors, but he is already planning for what comes next. Retirement may not be here yet, but he knows the path he wants to follow. Speaking to CNBC Sports, he said, “The idea of being a part of an ownership group and the right opportunity that allows me to have an impact on how a franchise should be operated… that’s something I’m excited about pursuing.” For Curry, the appeal is not simply owning a team but having a role where he can influence the decisions that shape its future. It is a vision that sounds very similar to what Tom Brady is currently doing with the Las Vegas Raiders.
LeBron James already has serious ownership credentials, with stakes in Liverpool Football Club and the Boston Red Sox through Fenway Sports Group. He first bought into Liverpool in 2011, then, alongside Maverick Carter, took equity in FSG in 2021 and increased his stake again in 2023. But LeBron’s next dream is to own an NBA team in Las Vegas. “Obviously, you have the Raiders here, you have the [Golden] Knights here, you have the Aces here. You got F1 coming very soon. All-Star Weekend has been a few times,” he said, calling an NBA franchise the next step in the city’s momentum. Whether that’s with Shaq or solo, these future owners might want to keep Magic Johnson’s warning about avoiding hidden agendas in mind.
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