Magic Johnson reportedly joins Josh Harris' bid to buy Commanders
(Disclosure: Josh Harris is a co-founder and managing partner at Apollo Global Management, which owns Yahoo, Inc.)
Billionaire Josh Harris is reportedly trying to buy the Washington Commanders, and his bid may have just gotten some Magic. Literally.
According to Sportico, NBA legend and Hall of Famer Magic Johnson is joining the group Harris has assembled to bid on the Commanders. It's not known how much money he's investing, though the group already has a ton of financial backing. Beyond Harris, who is worth over $7 billion as co-founder and managing partner at Apollo Global Management, the group also reportedly includes American businessman Michell Rales, who is worth over $6.5 billion.
Both Harris and Magic have significant experience when it comes to either buying teams or being part of an ownership group. Magic is part-owner of the Los Angeles Dodgers, and owns stakes in the Los Angeles Sparks and Los Angeles FC, and was reportedly considering buying into the Las Vegas Raiders last year. Harris Owns the Philadelphia 76ers, the New Jersey Devils and is a shareholder in Crystal Palace FC.
This is not the first time Harris and Magic have joined forces. They were both part of the ownership group that failed to buy the Denver Broncos in 2022. That franchise eventually sold to the Walton family for $4.65 billion, which is currently the U.S. record for most expensive sports team purchase.
However, the sale of the Commanders is expected to top that by possibly $500 million or more. Forbes placed a $5.6 billion valuation on the team, which is nearly $1 billion more than the Broncos' sale price. While the Commanders are likely using their own valuation figures, the unofficial valuation does one thing: set the expectation that when the Commanders sell, it'll be for more money than anyone has ever paid to own an American sports team.