Earvin “Magic” Johnson is looking to add to his growing portfolio of teams. 

The NBA legend and entrepreneur is reportedly in talks to acquire a minority stake in the Las Vegas Raiders in a deal that could value the team at $6.5 billion — a record for an NFL franchise.  

A potential sale comes after Raiders owner Mark Davis — who inherited the team from his father in 2011 — received an undisclosed offer in August for a stake in the team. Now, Johnson is putting together a group of investors to make their own bid. 

• No deal is imminent, as talks could dissolve.
• As of August 2022, the Raiders were valued at $5.1 billion — ninth in the NFL. 

The Raiders would be Johnson’s first NFL team investment. In 2012, the five-time NBA Champion was part of Guggenheim Baseball Management’s purchase of the Los Angeles Dodgers for $2 billion.

Executives

| by Justin Byers

Magic Johnson’s Illustrious Business Career

NBA legend and mogul Earvin “Magic” Johnson is once again making big…

March 4, 2021

Johnson also owns an undisclosed stake in his former team — the Los Angeles Lakers. He acquired his stake in 2014 when Guggenheim Partners purchased a 27% stake in the team. 

The Hall of Famer also owns part of the WNBA’s Los Angeles Sparks and MLS’ Los Angeles FC.

Trying Again

In June, a group led by Walmart heir Rob Walton purchased the Denver Broncos for $4.65 billion — a new record for NFL franchises. Before that deal, Johnson had teamed up with Philadelphia 76ers co-owner Josh Harris for a separate bid.

Formula 1 has found an increasingly passionate U.S. audience, and now it’s committing even more to its American media partners.

Disney and F1 struck a deal that will keep F1 on its networks through 2025.

• ABC, ESPN, and ESPN2 will carry at least 16 races annually. ESPN Deportes will remain the series’ Spanish-language broadcaster.
• The networks will continue their commercial-free presentation. 
• The three-year deal reportedly carries an $85 million annual price tag, a 17-fold increase from the network’s $5 million-per-year deal ending this season.
• The deal expands ESPN’s direct-to-consumer rights. The network, whose ESPN+ streaming service had 22.8 million subscribers as of July 2, said it would release details at a future date.

ESPN has teamed with Sky Sports on their broadcasts of races, practices, and qualifying sessions. 

Races this year are averaging 1.2 million viewers across ABC, ESPN, and ESPN2, per Nielsen, a 26% year-over-year increase.

American in the Driver’s Seat

Next season will also likely bring a much-discussed asset to F1: an American driver.

The Williams racing team announced that F2 driver Logan Sargeant will join its F1 team next year, provided he finishes the year with enough superlicense points, which he is on pace to do.

A Harris poll from May found that 16% of all U.S. adults and 35% of those interested in F1 would be more drawn to the series if it included an American driver.

The 2022 FIFA World Cup in Qatar is less than four weeks out, and the country’s alleged human rights abuses remain at the forefront of the discussion.

On Monday, Human Rights Watch reported that as recently as last month, security forces in the country — where homosexuality is illegal — arbitrarily arrested and abused Qataris in the LGBT community, according to Reuters. Six reported being detained between 2019 and 2022.

A Qatari official claimed that the allegations “contain information that is categorically and unequivocally false.”

Organizers of the tournament, which runs from Nov. 20 to Dec. 18, have retained their stance that everyone is welcome, though they also warned against public displays of affection. 

The country expects 1.2 million foreign visitors during the World Cup. 

Protest Plans

FIFA prohibits teams from wearing their own armband designs at the World Cup, but England will reportedly wear the “OneLove” anti-discrimination armband regardless of the rules and is ready to face punishment for doing so.

Manufacturer Hummel has designed Denmark’s kits with the logos barely visible, protesting Qatar’s treatment of migrant workers who have built the World Cup stadiums, including an all-black kit, which signifies the “color of mourning.” 

• Previous reports claimed that more than 6,000 people have died building infrastructure for the tournament. 
• FIFA has been criticized for failing to create a fund for the workers despite backing from the American, French, and English football associations and support from World Cup sponsors including Adidas.

Qatar is also receiving criticism for requiring visitors to download apps that could be considered spyware.