Magic Johnson has invested in 30 Burger King franchises to help it grow its business portfolio and acquire a billion-dollar business.
Magic Johnson may have only spent 12 years in the NBA, but he certainly made his mark on the league when he was forced to retire due to medical issues. His genius in the field; everything from 5 championships to multiple league and finals MVPs led him to build enough cache to venture into the business world.
It’s a well-known fact that NBA revenue dwindles when you live a lifestyle that your contracts can’t quite handle. However, back then, business-savvy superstars in professional sports were not part of the norm. Guys like Julius Erving and Bernard King were ahead of the curve and eventually paved the way for Magic and beyond.
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From the start, it was clear that Magic Johnson was about his money as he negotiated for a $460,000 contract as a rookie. It was quite the deal for a player with 0 NBA experience in 1979.
Johnson got off to a flying start as he would soon invest in two Colorado radio stations and open his own retail store in 1981.
Magic Johnson has an incredible amount of Burger King chains that it has invested in.
Magic Johnson had to convince Starbucks CEO Howard Schultz that the franchise should also open stores downtown. Between 1998 and 2010, Johnson would realize this vision as he would open more than 100 cafes by investing in them, reaping a portion of the profits over the decades.
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Burger King chains are also another restaurant Magic has dabbled in, investing in over 30 of them in 2004. That investment brought in $15 million, and the number is certainly growing. He opened them in Alabama, Miami, Dallas and Atlanta.
6) In 1995, Magic Johnson formed “Magic Johnson Enterprises” to facilitate his career as an investor.
– 125 Starbucks stores
– 31 Burger Kings
– Movie theater
– 24 hour fitness
– EquiTrust insurance
The only problem ?
Magic couldn’t shake his love for the sport. pic.twitter.com/UmedaCgmF9
— Joe Pompliano (@JoePompliano) October 20, 2020
Under the umbrella of “Magic Johnson Enterprises”, the Los Angeles Lakers legend grew the company into a $1 billion company. They continue to grow to this day, with Johnson being named to the “Fanatics” board of directors last year.