Magic Johnson becomes part owner of LA Dodgers
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Play VideoThe legendary retired basketballer, Magic Johnson, is still displaying his winning skills - but now its in business.
The former Lakers point guard has taken on his largest business venture yet, becoming a part owner of the Los Angeles Dodgers. His newest acquisition is the latest in a string of managerial successes, establishing Magic as a role model for other retired athletes.
Jackie Robinson's daughter Sharon Robinson; grandson Jesse Sims; widow, Rachel
Robinson; and Dodgers great Don Newcombe at Dodger Stadium, before the Dodgers'
baseball game against the San Francisco Giants in Los Angeles on Monday, May 7, 2012.
(AP Photo/Reed Saxon)
Earvin Johnsons nickname has proven to be just as fitting for his life off the basketball court as on it. His success in business after his retirement from the NBA has truly been magic.
Among his many business ventures magic Johnson owns a number of franchises to which hes added his own name - 24 hour fitness and TGI Fridays restaurants. In 2010 Johnson sol! d his 4 and half percent ownership in the Lakers, a share he held onto for over 15 years.
Shortly thereafter, Johnson sold the more than 100 Starbucks franchises he owned. Its been reported that the two sales combined were worth more than one hundred million dollars.
Johnson walk onto the field before a news conference to announce the new ownership of
the Major League Baseball team at Dodger Stadium in Los Angeles, California, May 2,
2012. REUTERS/Lucy Nicholson (UNITED STATES - Tags: SPORT BASEBALL)
This aficionado of business and sports has entered a new field - baseball. Hes officially become a part owner of the Los Angeles Dodgers. A group of investors which includes Johnson recently finalized their purchase of the Dodgers for more than 2 billion US dollars.
The phenomenal business success that Magic Johnson has enjoyed unfortunately has not been duplicated by all professional athletes post playing days. Too often, after some of them retire, they find themselves in severe debt, destitute or even filing for bankruptcy.
Magic Johnson said, I cant tell you why guys do what they do with their money but I would hope that I would be an example for them and all athletes to take care it and make wise investments, but you got to have the right team and Ive been blessed with the right team.
Walter, Earvin "Magic' Johnson," Peter Guber, and Todd Boehly pose for a photo at
Dodger Stadium in Los Angeles on Wednesday, May 2, 2012. The $2 billion sale of the
team to Guggenheim Baseball Management was finalized Tuesday. (AP Photo/Damian
Dovarganes)
Sam Williams was drafted by the Golden State Warriors in 1981. Hes now president of the Los Angeles chapter of the NBA retired players association.
Sam Williams, President of LA Chapter of the NBA Retired Players Association, said, There are a lot of players that tried to maintain their lifestyle after they finished playing without that check coming in every month.
While the average NBA player may not have the same popularity as Johnson, Willaims says theres still a lot they can do to prevent financial hardship and create lasting success in retirement.
Sam Williams said, Save as much money as you can, be a wise spender. You really dont need all the houses all the jewelry.
Johnson says in his new role hell often talk with the Dodgers about how to spend and invest their money wisely and how to get involved in owning businesses.
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