NBA legend Magic Johnson is one of the richest former athletes ever with an estimated net worth of $620 million. But the five-time NBA champion could have easily added more. Notably, Magic declined Nike’s endorsement offer when he was a rookie. Had he signed the deal, he could have added $2 billion more to his fortune. It was a huge financial mistake. Despite this, he recently broke the NFL dream of Billionaire Jeff Bezos. Weeks later, Johnson is again making moves in the world of football.

When Magic entered the league in 1979, Nike was a relatively new company. At the time, Converse was one of the top brands and offered the former point guard $100,000. On the other hand, Nike could not offer a lot of money and so they offered stocks instead. Notably, Magic signed with Converse.

Magic Johnson announces the purchase of two new teams

Earvin ‘Magic’ Johnson has built a business empire over the years. With his huge fortune, the three-time NBA MVP has invested a lot in sports franchises. Notably, Johnson has stakes in several LA-based teams like, LA Dodgers, Los Angeles FC, and LA Sparks. Interestingly, he was recently in a battle for an NFL franchise with billionaire Jeff Bezos and former NBA star Brian Davis. Finally, Magic and his group were able to purchase the Washington Commanders for $6 billion.

With this, the 12x NBA All-Star achieved his dream of becoming the first Black owner in the NFL. He even stated that it was the biggest achievement of his business career. However, he is not ready to rest on his laurels and recently made an exciting announcement just weeks after purchasing the Commanders.

Magic shared a video clip on his Instagram story where he announced the purchase of two teams from a digital sports league.

He stated, “I am the proud owner of the LA Mustangs and the LA Magic. Two teams that are part of Simwin, a new virtual sports league. Kicking off the football season tomorrow!” 

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Apparently, SimWin Sports is the world’s first digital sports league that provides fans the ability to watch, play, predict, and collect as per its Instagram handle. The Los Angeles Lakers legend added that he would be competing against Hall of Famers like Jerry Rice and Marshall Faulk.

He also said that some fans could even play in his team and help him win. Furthermore, he asked the fans to follow the team’s social media handle for more updates.

Magic spoke about his biggest regret

Magic Johnson was recently asked about his decision to not sign with Nike during a podcast appearance.

The Hall of Famer could not believe that he rejected the offer. He said that he knew little about how stocks worked at the time and so he declined the offer. Of course, he’s learned a lot since then. But one can only imagine what his fortune would look like with a stake in the $160 billion company.

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