NBA legend Magic Johnson was one of the best players with a great basketball IQ. The five-time NBA champion was able to envision a play before it unfolded. Even though he was great at his craft, he wanted to learn more about business. So he learned the ropes of sports business under the tutelage of the legendary Los Angeles Lakers owner Dr.Jerry Buss. Magic and Dr.Buss had a very close relationship, which also helped his cause.

With this enormous knowledge, Johnson built a business empire after his basketball career was cut short. Recently, the Lakers legend took to social media to share exciting news about the MLS.

Magic Johnson shares exciting news

Magic Johnson sold his shares with the Los Angeles Lakers a few years ago. However, he still has stakes in various professional teams in the country, including the Los Angeles Football Club from the MLS. The LAFC was established in 2014 as an expansion team. Magic has been part of the ownership group that established the franchise. Other notable partners include Hollywood superstar Will Ferrell and the owner of the Brooklyn Nets, Joseph Tsai. With its phenomenal growth in the last few years, LAFC took another leap in the right direction.

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According to a report from Forbes, LAFC became the first Billion Dollar club in the MLS after their recent success. As an owner of the team, Magic was understandably happy and shared his excitement on Twitter. He wrote, “Great news for my partners and I at @LAFC; our team is the first MLS team valued at $1B! We are keeping the momentum going after our first MLS Championship!”

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LAFC has been making considerable strides in the last few years. And after just nine years since they were established, the team won its first MLS title last season. Superstars Carlos Vela and Cristian Arango have been instrumental in their success on the field. Interestingly, team owner Will Ferrell invited soccer superstar Cristiano Ronaldo to LAFC ahead of his big-money move to Saudi Arabia.

The growth of the LAFC and the MLS

Los Angeles Football Club’s growth has now touched another level, with the team estimated to be worth $1 billion by Forbes. Notably, the franchise joined the MLS with an expansion fee of $110 million just nine years ago. However, LAFC is one of many teams climbing up the financial ladder.

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The average MLS team’s valuation has climbed 85% to $579 million since 2019. The league has been growing exponentially in the past few years and has become one of the most followed leagues in the country in recent years. With Apple TV+ set to take over the league’s media rights, the league is expected to grow at a faster rate financially.