Magic Johnson Net Worth, Salary, Contracts, Businesses

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Earvin_'Magic'_Johnson

Rafael Amado Deras

Earvin “Magic” Johnson Jr.

Net Worth: $600 million

Source of Wealth: basketball, businessman

Born: August 14, 1959 in Lansing, Michigan.

Career: 1979–1996

How much money does Magic Johnson make?

Season Team Lg Yearly Salary
1985-86 Los Angeles Lakers NBA $2,500,000
1987-88 Los Angeles Lakers NBA $2,500,000
1988-89 Los Angeles Lakers NBA $3,142,860
1990-91 Los Angeles Lakers NBA $2,400,000
1991-92 Los Angeles Lakers NBA $2,500,000
1992-93 Los Angeles Lakers NBA $2,500,000
1993-94 Los Angeles Lakers NBA $2,500,000
Career (may be incomplete) $18,042,860

Contracts
1979 – Signed a 5-year contract for $460,000 per year with the Los Angeles Lakers.
1981 – Signed a 25-year, $25-million contract with the Los Angeles Lakers.

His $25 million contract was the richest and longest contract in sports history at the time.

Paid endorsements and sponsors

Magic Johnson has gotten endorsement deals with Converse, PepsiCo, Kentucky Fried Chicken, Red Rooster restaurant, SkyBox (trading cards), Unilever (Dove skin care), Rent-A-Center, Jackson Hewitt’s Tax Services, and Tradewest (Magic Johnson’s Fast Break video game).

Business empire

Since retiring from basketball in 1996, Johnson has been involved in several business ventures. He created Magic Johnson Enterprises (MJE), a holding company. Johnson is the Chairman and Chief Executive Officer of MJE.

Subsidiaries of MJE have included:

  • Magic Johnson Productions – a promotional company that promotes concerts, tours and boxing events.
  • Magic Johnson Entertainment – a movie studio that produces television and cable TV programs such as “Pass Glory” (1999).
  • Magic Johnson Theaters – a chain of movie theaters. They partnered with Sony-Loews Theatres.
  • Magic Johnson Management Group – manages film and television stars, which have included comedian Steve Harvey and performers Vivica Fox.
  • Magic Johnson’s T.G.I. Friday’s – restaurant chain
  • Urban Coffee Opportunities – coffee shops. They partnered with Starbucks.
  • Canyon-Johnson Urban Fund – a joint venture with Canyon Capital Realty Advisors focused on the development of properties in urban neighborhoods. Canyon Johnson Urban funds have facilitated more than $2 billion in development around the United States.
  • SodexoMAGIC – a joint venture with Sodexo, Inc that is 51% owned by Johnson. Services include environmental maintenance, catering and food distribution, linen upkeep as well as plant operations and maintenance.
  • MAGIC Workforce Solutions – provides staffing services to companies.
  • Yucaipa Johnson Fund – private equity growth fund. Invested in Vibe Holdings LLC, the parent company of the TV show “Soul Train”, Vibe magazine, and Uptown Magazine.
  • Johnson Development Corporation is comprised of these enterprises: Urban Coffee Opportunities, Magic Johnson Theatres, Canyon Johnson Urban Fund, Magic Johnson’s T.G.I. Friday’s

Johnson has invested in 31 Burger King franchises , 13 24-Hour Fitness clubs, and several Washington Mutual Home Loan Centers.

Other companies Johnson has partnered with include: Best Buy, CISCO, Aetna, Aon Cornerstone, American Alliance Dialysis, Crescent Capital Group, EdisonLearning, ESPN, and Hudson Retail Partners and Concourse Ventures,

Magic was an NBA commentator for TNT  for 7 years, before becoming a studio analyst for ESPN in 2008.

In 1994, Johnson became a minority owner of the Los Angeles Lakers, having paid more than $10 million for part ownership. He also held the title of team vice president.  Johnson sold his 4.5% ownership stake in the Lakers in 2010. His stake in the Lakers had an estimated value of $27 million.

In March 2012, a group that included Johnson and executive Stan Kasten bought the Los Angeles Dodgers from Frank McCourt for $2 billion.

 

 

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Posted by Admin   @   20 May 2012 0 comments

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