Jerry Buss was like a “second father” to Magic Johnson. Since his retirement, the Lakers legend Johnson has continued to stride forward, ultimately joining the list of billionaires last year. The 5x NBA champ holds ownership stakes in multiple sports franchises. These accomplishments might not have been possible without the guidance of his second father. Even though Johnson once found an ingenious plan to trick Dr. Buss, everything ultimately led to his success. 

In a recent interview with Jim Hill, Johnson reflected on his business career and how Lakers owner Mr. Buss took him under his wing to guide him. “Dr Buss helped me to become a businessman, and he knew that was my goal after I was done playing. When he let me invest in the Lakers that just I took off from there,” Johnson said, via KCAL News.

Two years before announcing his official retirement, Johnson was encouraged by Buss to invest in the Lakers. He spent $10 million to purchase a 4.5% stake in the team. Though he sold his stake in 2010, earning a $29 million profit, it sparked an interest in sports ownership in him.

And along with other lucrative business endeavors, the 5x NBA champion continued to follow what Mr. Buss taught him. Last year, he became a minority owner in the ownership group that purchased the NFL’s Washington Commanders for $6.05 billion. The billionaire also holds ownership stakes in the WNBA’s Los Angeles Sparks and MLS’ Los Angeles FC. 

What Johnson once thought was a brilliant trick to cheat money out of Mr. Buss, he later realized was also the late legend’s tactic to teach him business.

It wasn’t easy to trick Jerry Buss after all! 

In a conversation with Jimmy Kimmel, Johnson revealed how Dr. Buss gave him $5,000 worth of chips every time they went to a casino in Las Vegas to gamble. Instead of gambling, Johnson used to keep the chips in his pocket and later cash them in to keep the money.

It wouldn’t be wrong to say that Johnson earned a fortune there. Later, during his final days, Dr. Buss revealed to Johnson that he was aware of the entire situation. Johnson shared, “He (Dr. Buss) says, ‘Magic, I knew you were going to make it well in business. All them times I gave you those chips, I knew you were cashing them in.’”

Speaking about his mentor, Johnson mentioned how Dr. Buss provided him with books and numerous opportunities to learn about business, guided him, and helped him build a great network. Dr. Buss had immense faith in him, and with Johnson’s millions-worth business empire, it’s clear that the late legend wasn’t wrong.

Stay tuned for more such updates and join us for the exciting second episode of the “Dual Threat Show” as our host BG12 sits down with Georgia Bulldogs star and Mountain West All-Freshman Team Selection, Asia Avinger.